Business Desk 
Aug 06, 2024
Gold price in Pakistan on Tuesday extended losses for the third consecutive session in line with the movement in the international market where the precious commodity is pressured by a stronger dollar.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold edged lower by Rs500 per tola and Rs428 per 10 grams to settle at Rs256,000 and Rs219,479.
Gold surged to a new all-time high of Rs257,300 per tola (11.66 grams) in Pakistan August 2, driven by weaker US employment data and escalating political tensions in the Middle East.
The association reported that the price of gold has been “under cost”, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is less expensive than the world market.
Silver prices in Pakistan declined by Rs50 per and Rs42.87 per 10 grams to settle at Rs2,850 and Rs2,443.41, respectively.
In the international market, Spot gold was down 0.2% to $2,403.22 per ounce as of 0644 GMT. Bullion fell to its lowest since July 26 in the previous session, caught in a global sell-off driven by fears of a US recession. US gold futures edged 0.02% lower to $2,443.80.
"If upcoming economic data out of the U.S. comes out significantly weaker and the Fed becomes even more dovish, gold will move towards the $2,500 or beyond that," said ANZ commodity strategist Soni Kumari.
Traders will also be looking at data from top consumer China and with geopolitical tensions still running in the background, safe-haven demand should continue, she added.
