Gold prices drop in Pakistan as global bullion market eases

KARACHI: Gold prices in Pakistan fell on Tuesday, extending losses from the previous session as domestic bullion tracked a downturn in international markets, local trade data showed. The price of 24-karat gold in the domestic market plunged by Rs4,100 per tola (11.66 grams) to settle at Rs424,836 ($1,525.43), according to data shared by the All Pakistan Gems and Jewelers’ Association (APGJA). The price for 10 grams of the precious metal decreased by Rs3,515 to trade at Rs364,228. Local dealers said the sharp contraction was a direct response to a bearish trend in the global market, where spot gold eased by $41 to trade at $4,024 per ounce. The back-to-back declines follow a drop on Monday, when local tola prices fell by Rs2,300 after international spot gold dipped to $4,065 per ounce. Gold serves as a traditional safe-haven asset and a hedge against inflation in Pakistan, where domestic jewelry prices are heavily influenced by global benchmarks, currency fluctuations, and local economic conditions. The post Gold prices drop in Pakistan as global bullion market eases appeared first on HUM News English.