Gold edges down after hitting all-time high

Business Desk
ISLAMABAD: Gold price in Pakistan snapped its gaining streak on Saturday, following overseas leads, but buying retreated as traders hoped for greater falls to stock up for the upcoming wedding season.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold declined by Rs200 per tola and Rs172 per 10 grams to settle at Rs163,300 and Rs140,003. A day earlier, the gold price touched an all-time high of Rs163,500 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.
Cumulatively, the price of gold surged by Rs3,750, or 2.35%, per tola during the week ended December 3, 2022. In the international market, the price of the yellow metal registered a meagre decline of $1 per ounce settling at $1,798 after robust US jobs data fanned concerns that the Federal Reserve might stick with its aggressive monetary policy tightening. Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.