Gold per tola price drops by Rs1800 in local markets

Lahore: The local gold market witnessed a significant decline on Saturday, with the per tola price of 24-karat gold dropping by Rs1800 to Rs.216,800.

The price of 10 grams of 24-karat gold also decreased by Rs1543, now being sold at Rs185,871.

Simultaneously, the international gold market reported a $15 decrease, bringing the price down to $2,040, according to the Association.

Earlier in the week, gold prices reached a 10-day high following a slip in the U.S. dollar and Treasury yields, prompted by the Federal Reserve signaling the conclusion of its monetary policy tightening cycle.

At 3:17 p.m. ET (2017 GMT), spot gold saw a 0.4% rise to $2,034.31 per ounce, and U.S. gold futures settled 2.4% higher at $2,044.90.

Besides it, spot silver experienced a 1.6% increase to $24.13 per ounce, while platinum surged 2.6%, reaching its highest point since September at $958.51.

Palladium exhibited remarkable growth, surging 11% to $1,102.44, marking its most significant session gain since March 2020 after experiencing a five-year low earlier this month.