Gold price decreases by Rs1,100 per tola in Pakistan

Karachi (Web Desk): After two consecutive days of gains, gold prices in the country witnessed a decline on Saturday.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of per tola gold fell by Rs1,100, bringing it down to Rs439,836. Similarly, the price of 10 grams of gold decreased by Rs943 to Rs377,088.

A day earlier, the bullion market had recorded a sharp surge, with per tola gold rising by Rs12,200 to reach Rs440,936. In the same session, 10 grams of gold had increased by Rs10,459 to Rs378,031.

In the international market, gold prices also showed fluctuations. Spot gold rose 1% to $4,165 per ounce, hovering near its highest level since June 23. US gold futures also gained 1.3%.

Market analysts attributed the earlier surge in gold prices to weaker-than-expected US labour market data, which reduced concerns over inflation and additional interest rate hikes. In June, non-farm payrolls increased by only 57,000 jobs, significantly below the forecast of 110,000.

A weekly decline in the US dollar also supported gold prices, making the metal cheaper for investors holding other currencies.