Gold prices drop for 2nd day in a row
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Gold prices in Pakistan dropped for the second consecutive day, following a decline in international gold rates. In the local market, the price of gold per tola fell by Rs2,400 on Wednesday, bringing it down to Rs306,300. Similarly, the price of 10-gram gold decreased by Rs2,058, settling at Rs262,602, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, the price of gold per tola had already declined by Rs800. Internationally, gold prices also saw a downturn, with APGJSA reporting a rate of $2,916 per ounce (including a $20 premium), reflecting a $24 drop in the day's trading.
"The gold market has been relatively lacklustre," said Adnan Agar, Director at Interactive Commodities. He noted that the market had briefly touched a low of $2,890 before stabilising at $2,905, with the day's high recorded at approximately $2,930. The trend appeared to be downward unless a reversal occurred. He also mentioned that the geopolitical landscape, including a potential Ukraine peace deal, could influence gold prices in the coming days. Globally, gold prices eased on Wednesday after a recent record rally, as investors awaited inflation data later this week and the latest developments on US President Donald Trump's tariff plans.
Spot gold fell 0.7% to $2,894.55 an ounce as of 1444 GMT. US gold futures fell 0.4% to $2,908.10. On Tuesday, Trump ordered a probe into potential tariffs on copper imports to rebuild US production of a metal critical to electric vehicles, military hardware, the power grid, and many consumer goods. Meanwhile, the Pakistani rupee saw a slight appreciation, rising by 0.02% against the US dollar in the inter-bank market on Wednesday. By the end of the trading session, the rupee stood at 279.62, marking a gain of 5 paisa compared to the previous day's closing rate of 279.67.
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