Gold prices dip in international and local markets

The price of gold in the international bullion market fell by $11, reaching $2,650 per ounce.

As a result, in local gold markets on Saturday, the price of 24-carat gold per tola dropped by Rs 1,100 to Rs 276,200, and the price of 10 grams of gold also fell by Rs 943 to Rs 236,797.

In contrast, the price of silver remained unchanged, with the per tola price staying at Rs 3,400, and the 10-gram price of silver remained stable at Rs 2,914.95.

Gold prices in Pakistan rebounded by Rs2,100 to Rs277,300 per tola (11.66 grams) on Friday, in line with international market trends. The All Pakistan Sarafa Gems and Jewellers Association reported the increase after a Rs700 dip on Thursday, which brought the price down to Rs275,200 per tola.

Adnan Agar, Director of Interactive Commodities, stated that such fluctuations in Pakistan's gold market are expected, with $25 price swings being common in global gold trading. He noted that the overall market trend remains bullish, with investors capitalising on price dips for buying opportunities.

In the international market, gold prices rose on Friday, supported by a weaker US dollar and geopolitical concerns. Spot gold climbed 0.7% to $2,659.49 per ounce but recorded a weekly decline of about 2% after a sharp sell-off earlier in the week. US gold futures also increased by 0.8% to $2,659.20 per ounce.