Gold Price Witnesses Reduction
The per tola gold price in Pakistan on Friday witnessed a decline of Rs1,100 to Rs 387500, according to market traders.
All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) said that the 10-gram gold price in Pakistan went down by Rs 943 to Rs 322,218.
The gold price had remained unchanged at Rs388,600 on Thursday in the local market. The gold price per tola also stood at Rs388,600 after it faced a decline of Rs2,400 on Wednesday.
The price of gold in Pakistan witnessed a decline in line with the fluctuation in the global gold price, which also saw a reduction. The APGJSA said that the gold price in the international market declined by $11 per ounce with a premium of $20 to $3,657.
Gold prices held steady on Friday as the U.S. Federal Reserve’s 25-basis-point rate cut fell short of investors’ expectations for deeper easing. Markets are now waiting for more signals on the Fed’s policy path.
Meanwhile, the per tola price of silver in Pakistan went up by Rs 29 to Rs 4,447.
The Spot gold price has seen a little change at $3,646.23 per ounce as of 0311 GMT. Meanwhile, bullion had witnessed a record high of $3,707.40 on Wednesday.
The U.S. gold futures for December delivery also remained flat at $3,678.90.
