Gold prices decrease in international and local markets

Gold prices drop, with per tola price falling to Rs274,900 and global prices down to $2,647 per ounce.

Gold prices have decreased in both international and local markets.

In Pakistan, the price of 24-carat gold per tola decreased by Rs600, reaching Rs274,900 per tola.

Similarly, the price of 10 grams of gold in the country fell by Rs515, bringing it to Rs235,682.

Meanwhile, In the international bullion market, the price of gold per ounce dropped by $6, bringing the new global price to $2,647.

Earlier, gold prices in Pakistan hit a record high of Rs 264,000 per tola, rising by Rs2,300 in one day, driven by global market trends as investors positioned themselves ahead of upcoming CPI inflation data.

In the international market, gold increased by $23 per ounce, reaching $2,524, nearing its previous peak.

Investors are anticipating a slowdown in US inflation, which, along with weak unemployment and job creation figures for August, could lead to a significant interest rate cut by the US Federal Reserve.

In addition, the Pakistani rupee strengthened against the US dollar, gaining Rs 0.08 in the inter-bank market to close at Rs 278.54.

In the open market, it improved by Rs 0.10, settling at Rs 280.85 per dollar. Market speculation indicates that foreign investors have invested $27 million in Pakistan's government debt securities, bolstering forex reserves and providing support for the rupee.