Daily Times

After hitting record highs in the earlier sessions, gold rates decreased in the local and international markets on Saturday. In Pakistan, gold price per tola stood at Rs246,500 after a single-day fall of Rs1,100. The 10-gram gold was sold at Rs211,334 after a decrease of Rs943, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola increased by Rs1,900 in Pakistan. With central banks adding to their gold reserves and geo-political tensions due to Ukraine and Gaza wars, the safe haven asset has seen a record surge in demand in the international market. However, gold prices slipped lower Wednesday as the US dollar and Treasury yields firmed after a stronger-than-expected inflation print softened expectations of an early US rate cut. The international rate of gold on Saturday was set at record $2,364 per ounce (with a premium of $20), after a decline of $11 in the international market, APGJSA said. Meanwhile, silver rates remained stable at Rs2,650 per tola.