Strong dollar, rising yields push gold lower

Gold prices in Pakistan extended their decline on Tuesday, tracking losses in the international market, as a stronger US dollar and rising Treasury yields weighed on bullion, while investors remained cautious ahead of developments in tentative US-Iran talks and the confirmation hearing of Federal Reserve chair nominee Kevin Warsh. In the local market, the price of gold per tola fell by Rs1,000 to settle at Rs500,162. Similarly, the price of 10-gram gold decreased by Rs857 to Rs428,808, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The latest decline follows a drop in the previous session, when gold prices had fallen by Rs4,900 per tola to close at Rs501,162, indicating heightened volatility in the domestic bullion market. Silver prices also moved lower, with per-tola rate decreasing by Rs59 to reach Rs8,358. In the international market, spo...