Gold drops Rs800 amid global correction

Gold prices in Pakistan witnessed some correction on Tuesday, reflecting a downturn in international markets. The price per tola fell by Rs800, settling at Rs308,700, while the 10-gram rate decreased by Rs686 to Rs264,660, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This decline comes after gold hit a record high of Rs309,500 per tola on Monday. Meanwhile, international gold prices also dropped, with the rate declining by $8 per ounce, bringing it to $2,940 per ounce, including a $20 premium.

According to Adnan Agar, Director of Interactive Commodities, the gold market experienced a correction, as anticipated. He noted that gold had tested a high of $2,959 and a low of $2,935 intraday, currently stabilising around $2,936.

He emphasised that closing prices will be crucial in determining the next trend. If gold closes below $2,920, it may further decline towards $2,860 or even $2,850. However, a rebound could lead to a retest of previous highs. Investors and traders are now closely watching how gold prices settle, as further movement will depend on upcoming global economic trends and central bank policies.

Meanwhile, the Pakistani rupee showed little movement against the US dollar in the interbank market on Tuesday, closing at 279.67, down by just one paisa from the previous day’s 279.66.