Gold prices remained unchanged in Pakistan on Tuesday, even as international bullion rates declined. A stronger US dollar and rising Treasury yields pressured gold, while investors awaited the outcome of the US midterm elections.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold traded at Rs412,136 per tola. The price of 10-gram gold also remained unchanged at Rs353,340.

On Monday, gold prices had increased by Rs2,400 per tola.

International Gold Prices Decline

International spot gold fell 0.5% to $3,928.49 per ounce by 12:11 pm ET (1711 GMT). Earlier in the session, the metal had dropped as much as 1%, reaching a low of $3,893.31.

Similarly, US gold futures for December delivery declined 0.8% to $3,938.90 per ounce.

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The stronger dollar and rising Treasury yields weighed on bullion. These factors made gold, which does not offer interest, less attractive to investors.

“The dollar has been strengthening, and yields are going higher,” said Phillip Streible, chief market strategist at Blue Line Futures.

Adnan Agar, director of Interactive Commodities, said international gold prices were moving between $3,895 and $3,970 per ounce. He linked the fluctuations to continued market uncertainty.

US Midterm Elections Keep Investors Cautious

Agar said investors were closely monitoring the US midterm election results. He added that the outcome could clarify the outlook for gold over the next one to two days.

The election results would determine which party secured a majority, potentially influencing expectations about US fiscal policy and financial markets.

Agar expects gold to remain under pressure in the near term. However, he said a sustained rise above $4,080 and $4,150 per ounce could help stabilise prices.

Conversely, he warned that gold could fall towards $3,700 if prices failed to recover.

Oil Prices and Domestic Silver Rates

Meanwhile, oil prices fell around 2% on Tuesday, reaching a three-week low. Traders weighed diplomatic efforts to end the wars in Ukraine and Iran against concerns about further supply disruptions following attacks in both conflicts.

The decline in oil prices eased some inflation concerns and briefly offered support to bullion. However, gold later resumed its downward movement.

In Pakistan’s domestic market, silver prices declined by Rs120 to Rs5,368 per tola.

The Pakistani rupee also gained Rs0.01 against the US dollar. It closed at Rs276.71, compared with Monday’s closing rate of Rs276.72.