Gold prices dip by Rs600 per tola in local market

Rate of gold per ounce decreased by $5 in the international market, settling at $2,617.

Gold prices in Pakistan fell on Monday—after three consecutive sessions of increases last week—following a drop in international market rates.

The price per tola fell by Rs600, settling at Rs271,900 in the local market.

Meanwhile, 10-gram gold was sold at Rs233,110 after it recorded a decrease of Rs471, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Silver prices remained stable at Rs2,950 per tola.

Last week on September 20, gold prices in the country continued its upward trajectory as the price of gold per tola climbed by Rs3,500, reaching a record high of Rs272,000. 

Similarly, the price for 10 grams of gold rose by Rs3,001, bringing it to Rs233,196, as reported by APGJSA.

The international gold market also experienced a boost on Friday, with prices reaching $2,612 per ounce (including a $20 premium), marking a daily increase of $35.

In contrast, silver prices remained stable, holding at Rs2,950 per tola.

The surge followed a notable increase from a day earlier, when prices had already risen by Rs800, closing at Rs268,500 per tola.

Gold fell on Monday after hitting a record high as a stronger dollar prompted some investors to book profits, but strong market sentiment and geopolitical tensions kept prices above the key psychological level of $2,600 per ounce.

Spot gold was down 0.2% at $2,616.57, after hitting an all-time high of $2,631.31 earlier in the session.

Non-yielding gold is up over 27% so far this year, heading for its biggest annual rise since 2010.

US gold futures gained 0.3% to $2,653.00.