Gold sees Rs1,600 per tola correction

After reaching an all-time high in the previous session, gold prices in Pakistan dropped on Wednesday, mirroring a decline in international markets. The price of gold per tola fell by Rs1,600, settling at Rs301,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the 10-gram gold rate dropped by Rs1,372, bringing it down to Rs258,487. On Tuesday, gold had been stable, with a surge of Rs100 per tola, reaching a record high of Rs303,100. However, the global market saw a downturn on Wednesday, with international gold prices falling by $16 to $2,888 per ounce. Adnan Agar, Director at Interactive Commodities, attributed this correction to unfavourable market data. He noted that gold hit an intraday low of $2,864 before recovering to $2,895. The session's high was $2,900, but data trends, including last year's average US inflation rate of 2.9%, which has now risen to 3%, did not support further gains. Agar suggested that gold was undergoing a natural price adjustment before potentially rebounding. He stated that if the closing price surpasses $2,905, the metal could move higher. However, if it fails to reach that point, further declines towards $2,860–$2,890 could follow.