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Gold Prices Drop 10g Gold at Rs242,970 as Global Rates Ease

Gold Prices Drop 10g Gold at Rs242,970 as Global Rates Ease

The price for 10 grams of gold also fell by Rs771 to Rs242,970, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In the international market, gold was priced at $2,739 per ounce, down by $9 during the day, with an additional premium of $20.

Meanwhile, silver prices remained stable at Rs3,350 per tola.

Gold prices eased on Monday, weighed down by a firmer dollar and higher Treasury yields while traders await a slew of U.S. economic data for guidance on the U.S. Federal Reserve’s interest rate stance.

Spot gold lost 0.6% to $2,731.79 an ounce. Bullion hit a record high of $2,758.37 last Wednesday, lifted by safe-haven demand in the face of market risks from continuing conflict in the Middle East and Ukraine.

U.S. gold futures declined 0.4% to $2,744.20.

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