Gold price drops by Rs2,700 per tola in Pakistan
- International rate of gold declines by $27 to reach $4,218 per ounce
Gold prices in Pakistan decreased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs444,162 after a decline of Rs2,700 during the day.
Similarly, 10-gram gold was sold at Rs380,797 after it fell by Rs2,315, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Monday, gold price per tola reached Rs446,862 after an increase of Rs2,700 during the day.
The international rate of gold declined by $27 to reach $4,218 per ounce (with a premium of $20).
Meanwhile, the price of silver also decreased by Rs41 to reach Rs6,004 per tola.
Moreover, international gold eased on Tuesday after touching a six-week high in the previous session, as rising US Treasury yields and profit-taking weighed on prices, while investors awaited US economic data to gauge the Federal Reserve’s policy path.
Spot gold fell 0.4% to $4,216.13 per ounce by 0436 GMT, after hitting its highest level since October 21 on Monday.
US gold futures for December delivery were down 0.7% at $4,246.60 per ounce. Benchmark 10-year US Treasury yields hovered close to a two-week high touched in the previous session, reducing the appeal of non-yielding bullion.