Gold prices in Pakistan moved lower on Tuesday, tracking a decline in local bullion rates amid continued fluctuations in the global market.
According to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold dropped by Rs2,100 per tola, bringing it down to Rs477,862. The rate of 24-karat gold per 10 grams also fell by Rs1,801 to Rs409,689.
Prices of 22-karat gold also moved downward, with the per 10-gram rate quoted at Rs375,561 in the domestic market.
Silver followed a similar trend. The price of 24-karat silver declined by Rs65 per tola to Rs7,849, while the 10-gram rate slipped by Rs55 to Rs6,729.
Global market sees cautious rebound
In the international market, gold prices recovered slightly after touching a five-week low in the previous session. Spot gold rose 0.5 percent to $4,543.87 per ounce by 0757 GMT, while US gold futures for June delivery also gained 0.5 percent to $4,554.10.
Despite the recovery, gains remained limited as broader financial conditions kept pressure on bullion.
Market analysts linked the cautious movement to shifting global signals, including rising oil prices and renewed inflation concerns.
“Prices seem to be digesting a bit after the return of the ‘war trade’ across markets sent gold lower Monday,” said Ilya Spivak, head of global macro at Tastylive.
He added that higher Treasury yields and a stronger US dollar were also weighing on gold, as crude oil’s rebound pushed inflation expectations higher. Since gold does not offer yield, it often comes under pressure when interest rates and the dollar rise.
The US dollar strengthened in the currency market, while Brent crude stayed above $113 per barrel amid ongoing tensions linked to the Strait of Hormuz. Reports suggested continued military activity in the region, including US operations targeting Iranian small boats and aerial threats.
A stronger dollar also made gold more expensive for buyers using other currencies, adding further pressure on demand in global trade.
Read next: Rising imports push Pakistan trade gap to 46-month high in April
