Gold prices in Pakistan decreased on Wednesday in line with their fall in the international market. In the local market, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day.
As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs293,124, after it decreased Rs1,972.
On Tuesday, gold price per tola reached Rs344,200 after it gained Rs3,700 during the day.
The international rate of gold also decreased on Wednesday. As per APGJSA, the rate was at $3,235 per ounce (with a premium of $20), a decline of $23 during the day.
Meanwhile, silver price per tola remained stable at Rs3,482.
Internationally, gold prices fell on Wednesday as de-escalation in US.-China trade tensions weakened safe-haven demand, while markets eyed another set of inflation data to assess the Federal Reserve’s policy path.
Spot gold fell 0.4% to $3,234.32 an ounce as of 0231 GMT. US gold futures eased 0.3% to $3,237.00.
“Positive developments in US trade policy (are) diminishing the appeal of gold in the short-term,” Capital.com’s financial market analyst Kyle Rodda said.
“I think that if we see continued progress in trade negotiations and deals being done between the US and its trading partners, gold can pull back further. $3,200 is a pretty critical level of support.”
The US will cut the “de minimis” tariff for low-value shipments from China to 30%, per a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies.
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