Gold dips Rs1,200 despite global rebound

Gold prices in Pakistan declined on Wednesday, diverging from gains in the international market, where bullion rebounded from a more than one-week low, supported by softer US Treasury yields and fresh bargain hunting amid geopolitical uncertainty. In the local market, the price of gold per tola fell by Rs1,200 to settle at Rs498,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold decreased by Rs1,029 to Rs427,779. The latest drop follows Tuesday's decline, when gold per tola had shed Rs1,000 to close at Rs500,162, indicating continued pressure in the domestic market despite a recovery in global prices. Silver prices also followed a downward trajectory, falling by Rs34 to Rs8,324 per tola. In contrast, international bullion prices moved higher on Wednesday. Spot gold rose 0.5% to $4,732.79 per ounce by 11:17 am EDT, after gain...