Gold prices in Pakistan continued their downward trajectory on Thursday, mirroring a broader decline in the international market as investors exercised caution ahead of a key US Federal Reserve meeting scheduled for next week.
The falling trend in global prices prompted a notable adjustment in the local bullion rates, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the domestic market, the price of gold dropped by Rs1,700, bringing the per-tola rate down to Rs441,462. This marks the second consecutive day of decline, following a Rs1,000 dip recorded on Wednesday when the per-tola price fell to Rs443,162. The downward movement was also observed in the 10-gram category, where the price slipped by Rs1,457, settling at Rs378,482.
The shift in the local market reflects sentiment in the international arena, where gold prices weakened as investors opted to book profits after recent gains. Market participants also remained cautious, anticipating signals from the upcoming Federal Reserve meeting that may influence future monetary policy and, consequently, global commodity markets.
At 0617 GMT, global spot gold was down 0.5%, trading at $4,179.71 per ounce. Similarly, US December futures registered a 0.5% decline, settling at $4,210.20 per ounce. The world benchmark price was quoted at $4,191 per ounce, inclusive of a $20 premium, indicating subdued demand as traders awaited clarity on interest rate expectations.
Silver prices in Pakistan also moved in tandem with the overall precious metals trend. The per-tola rate of silver fell by Rs85, bringing it to Rs6,000. The decline in silver further highlights the broader cooling in the precious metals market as global economic indicators and monetary policy expectations exert pressure on investor sentiment.
Overall, Thursday’s price movements reflect a cautious global environment, influencing both international and domestic precious metal markets.
