Gold Prices Drop Rs4,100 in Pakistan, Track Global Decline

News Desk

Islamabad: Gold prices in Pakistan fell sharply on Thursday, tracking a decline in the international market.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola dropped by Rs4,100, settling at Rs384,000. Likewise, the rate for 10 grams fell by Rs3,515 to Rs329,218.

This decline came after prices remained stable at Rs388,100 on Wednesday, a day after hitting a record high.

International gold prices also slipped, with APGJSA quoting the global rate at $3,618 per ounce (including a $20 premium), down $36. Silver followed the trend, with its per-tola price easing by Rs32 to close at Rs4,326.

Despite the pullback, bullion stayed close to record highs. Spot gold was last seen at $3,636.59 per ounce as of 0233 GMT, while US gold futures for December delivery inched down 0.1% to $3,676.40. Earlier in the week, gold touched an all-time peak of $3,673.95 per ounce.

Analysts said weaker-than-expected US producer price data strengthened expectations of a Federal Reserve interest rate cut next week. Investors are now awaiting fresh direction from the US consumer inflation figures due later today.