24-Karat gold loses another Rs4,100 per tola

MG News | November 26, 2024 at 05:36 PM GMT+05:00

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November 26, 2024 (MLN): Gold price in Pakistan again fell on Tuesday, with 24-karat gold being sold at Rs274,300 per tola, down Rs4,100.

In just the past two days, local gold has witnessed a massive loss of Rs8,600 or 3.04% per tola.

Globally, spot gold closed yesterday's session at $2,625.62 an ounce, down $90.72 or 3.34% from the previous session.

The decline in gold rates comes as investors book profits following last week's astonishing rally, credited to escalating geopolitical tensions.

Moreover, the announcement of fund manager Scott Bessent as the new U.S. Treasury Secretary restricted safe-haven buying, Reuters reported.

Similarly, 24-karat gold per 10-gram was sold at Rs235,168 after a decline of Rs3,515, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

The price of 22-karat gold was also quoted lower at Rs215,571 per 10-gram.

On the other hand, silver prices remained unchanged in the domestic market, with 24-karat silver being sold at Rs3,400 per tola and Rs2,915 per 10-gram.