Gold prices dip in local and international markets

The price of one tola of gold now stands at Rs362,300, with a drop of Rs700, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The decline is attributed to a reduction in global gold rates, which dropped by $18 per ounce. The international market saw a decline, bringing the price of gold to $3,414 per ounce. Similarly, the price of 10 grams of gold has also decreased by Rs600, now standing at Rs310,613. Gold fell on Monday as investors weighed the impact of the ongoing Israel-Iran conflict, while also focusing on the Group of Seven leaders meeting and the Federal Reserve policy decision later this week. Spot gold fell 0.5% to $3,415.36 an ounce, as of 0854 GMT, after hitting its highest level since April 22 earlier in the session. "Geopolitical tensions are not disappearing near term, as well rates are likely to be cut further by the central bank, so that should provide a floor to gold," said Giovanni Staunovo, an analyst at UBS.