Gold prices decline in Pakistan after $10 dip in world market
In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold prices declined in both international and local markets on Thursday as demand weakened following a brief rise a day earlier.
In the international bullion market, the price of gold fell by $10 per ounce, reaching $3,965, which led to a downward adjustment in domestic rates.
In Pakistan’s local markets, the price of 24-carat gold dropped by Rs1,000 per tola, settling at Rs418,862, while the price of 10 grams of gold decreased by Rs857, closing at Rs359,106.
In contrast, silver prices remained unchanged, with per tola silver steady at Rs5,034 and 10 grams holding firm at Rs4,315, according to local jewellers.
Spot gold climbed 1.9% to $4,004.75 per ounce as of 0918 GMT. U.S. gold futures for December delivery slipped 0.4% to $4,018.30 per ounce.
Elsewhere, spot silver rose 1.4% to $48.22 per ounce, platinum gained 2% to $1,616.20 and palladium climbed 2.9% to $1,441.24.
Read: Gold jumps by Rs3,500, rupee remains steady
Earlier on Wednesday, gold prices in Pakistan recorded a significant rise, driven by persistent global uncertainties and cautious investor sentiment ahead of key international developments.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold surged by Rs3,500 per tola, reaching Rs419,862. Similarly, the rate for 10 grams of 24-karat gold rose by Rs3,000 to Rs359,963, while 10 grams of 22-karat gold climbed by Rs2,751 to Rs329,978.
The upward movement in local bullion prices reflected global trends, as gold gained $35 in the international market to settle at $3,975 per ounce. The rally in precious metals persisted as investors sought safe-haven assets amid heightened geopolitical tensions and awaited key policy cues from the US Federal Reserve.
Silver prices also advanced, with 24-karat silver rising by Rs110 to Rs5,034 per tola.