Gold falls as global prices hit low

Gold prices in Pakistan declined on Wednesday, tracking weaker bullion markets abroad, according to The Express Tribune. Rates from the All-Pakistan Gems and Jewellers Sarafa Association showed a per tola fall of Rs3,100 to Rs434,436, while the 10-gram price dropped Rs2,658 to Rs372,458. The previous day's per tola rate had stood at Rs437,536.

Internationally, Reuters reported that spot gold slipped 1.2% to $4,113.89 an ounce after dipping to $4,066, its weakest level since August 5. A firmer US dollar and higher Treasury yields made non-yielding assets less attractive to buyers. Silver lost around 3%, platinum nearly 4%, and palladium hit a low not seen in over a year.

Adnan Agar of Interactive Commodities said gold had moved lower as expected, and that the market's direction would hinge on whether it closes below $4,100. He noted that a sustained close above that level could allow a rebound toward $4,160 to $4,180. Separately, silver fell Rs100 to Rs6,488 per tola locally, while the rupee closed at Rs277.02 against the dollar, up Rs0.03.