ISLAMABAD: Gold prices in the country decreased by Rs2,300 per tola on Tuesday, maintaining its downward slide locally for the fourth consecutive session. According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold decreased to Rs228,100 from Rs230,400. Similarly, the gold rate for 10 grams of 24-karat moved down to Rs195,550 from Rs197,550 with a decrease of Rs2,000. The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. The gold price witnessed a decline despite an increase in international markets and depreciation in the local currency against the US dollar. As per the jewellers’ association, the gold rate in Pakistan is undervalued compared to the Dubai gold market by Rs4,000. TLTP
In the international market, as of 1410 hours GMT, the gold futures were available at $1,959.30 per ounce, showing a decrease of $2.40 (-0.12 percent). Out of the $2.40 per ounce decrease, -$4.50 was due to strengthening of the US dollar and +$2.10 was due to predominant buyers, according to Kitco Gold Index.
Gold prices struggled to capitalise on Monday’s recovery gains but the benchmark 10-year US Treasury bond yield held steady near 3.7 percent and did not allow gold to gather bullish momentum. The gold price is currently trading just within the striking distance of over a two-month low touched last week.
