Gold prices in Pakistan dropped on Tuesday, ending a short-lived rally that had pushed them to record highs.
According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), 24-karat gold per tola went down by Rs10,700, now selling at Rs459,462. The 10-gram version also dipped by Rs9,174 to Rs393,914.
22-karat gold also saw a decline, with prices falling to Rs361,100 per 10-gram. Silver didn’t escape the slide either, with 24-karat silver dropping Rs145 to Rs7,930 per tola and Rs125 to Rs6,798 per 10-gram.
Even though gold prices in Pakistan fell, international gold recovered a bit after a short-term slump. Spot gold traded near $4,369 per ounce on Tuesday, up 0.55 percent from the previous session, bouncing back from a two-week low caused by year-end profit-taking. In the US, February gold futures rose 1.1 percent to $4,391.30 per ounce.
Experts say the dip was mostly due to investors cashing in their profits before the New Year, rather than any major changes in the market. “Buyers are returning as the structural conditions of this rally, a weaker US dollar and ongoing geopolitical uncertainty, remain intact,” said Zain Vawda, an analyst at MarketPulse by OANDA.
Gold has had a stellar year, climbing 66 percent, its biggest gain since 1979, driven by things like monetary easing, central bank buying, geopolitical tensions, and growing ETF holdings.
Investors are also keeping an eye on the Federal Reserve, which is set to release the minutes of its December meeting later Tuesday. The details could shed light on how the US central bank plans to manage monetary policy in 2026.
Other metals had mixed results. Platinum jumped 3.5 percent to $2,182.30 per ounce after hitting a record high of $2,478.50 on Monday. Palladium also rose 1 percent to $1,632.56 per ounce, bouncing back from a big 16 percent drop the day before.
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