Gold slips as global rally stalls

Local gold rates slipped on Tuesday as the global rally lost steam, according to The Express Tribune, after bullion had hit its highest point in more than three months earlier in the day. The All-Pakistan Gems and Jewellers Sarafa Association listed a tola of gold at Rs486,536, a Rs600 drop, while ten-gram gold fell Rs514 to Rs417,126. Silver was marked down Rs100 to Rs7,279 per tola in the domestic market.

Spot bullion held nearly flat at $4,652.26 an ounce by 1547 GMT, having touched its loftiest reading since May 14, Reuters reported. US gold futures gained 0.2% to reach $4,709.40, as the rally ran out of steam close to a major psychological ceiling. Traders are waiting for the US Federal Reserve's preferred inflation gauge later this week, and Interactive Commodities Director Adnan Agar said the data flow could make prices volatile, describing any downturn as a short-term correction.

The rupee firmed by Rs0.03 to close at 277.52 per dollar in the inter-bank market, against Monday's 277.55. Separately, Gold Fields reported an 81% rise in half-year profit on higher gold prices and output, yet its CEO said doubts over renewing Ghana mining leases were weighing on its valuation. The Tarkwa leases expire in April 2027, and the company has not yet received formal replies to its renewal application filed in November 2025.