A goldsmith weighs gold jewellery inside a showroom. PHOTO: REUTERS
Gold prices in Pakistan declined on Thursday, reflecting losses in the international market, impacting both investors and consumers.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola decreased by Rs9,500, reaching Rs494,662. Similarly, the price of 10-gram gold dropped by Rs8,415, settling at Rs424,092.
The international gold price also fell, dropping by $95 to $4,723 per ounce, with an additional premium of $20. In parallel, silver prices in Pakistan also decreased by Rs300, bringing the price per tola down to Rs7,884.
A day earlier, in the local market, the price of gold per tola jumped by Rs15,700 to reach Rs504,162; similarly, the price of 10 grams of gold rose by Rs13,460 to Rs432,237.
The surge came a day after gold prices had declined, with the per-tola rate settling at Rs488,462 on Tuesday following a drop of Rs3,000. Meanwhile, silver also witnessed an upward trend, increasing by Rs440 to Rs8,184 per tola.
In the international market, spot gold gained 1.2% to $4,756.37 per ounce by 11:43 am EDT, after rising more than 3% earlier in the session to its highest level since March 19, according to Reuters. US gold futures for June delivery advanced 2.1% to $4,782.70 per ounce.
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The rally in gold prices was primarily driven by a decline in the US dollar and oil prices, following a temporary easing of geopolitical tensions. A two-week ceasefire agreement between the United States and Iran, reportedly brokered with Pakistan’s involvement, helped calm markets and reduce immediate inflationary concerns.
Market analysts noted that lower oil prices and easing tensions tend to support gold by weakening the dollar and improving expectations for interest rate cuts.
