Gold drops despite global gains on oil

Gold in Pakistan fell Rs1,300 per tola on Tuesday to close at Rs422,136, while the 10-gram rate dropped Rs1,115 to Rs361,913, The Express Tribune reported, citing the All-Pakistan Gems and Jewellers Sarafa Association. The local decline followed a Rs1,400 per-tola rise on Monday. By contrast, international spot gold gained 0.9% to $4,051.78 an ounce, and US futures for December delivery rose 0.69% to $4,066.40.

The report linked global bullion’s recovery to softer oil prices, which eased inflation concerns ahead of the US Federal Reserve’s policy decision. Traders were also monitoring potential signals on interest rates, with gold’s near-term direction still dependent on the Fed outlook. Silver fell Rs85 in Pakistan to Rs5,793 per tola, although it gained 0.8% internationally; platinum rose 0.3%. Separately, the rupee strengthened by Rs0.01 to Rs276.80 against the dollar in inter-bank trade.