Gold markets reel from ME tensions

Gold prices in Pakistan declined on Tuesday, mirroring losses in the international market, as investors tracked escalating tensions in the Middle East that pushed oil prices higher and awaited the US Federal Reserve's June meeting minutes for clues on future monetary policy. In the local market, the price of gold per tola fell Rs2,500 to settle at Rs434,936, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the 10-gram gold was sold at Rs372,887 after registering a decrease of Rs2,143. This dip came in line with the performance on Monday, when gold per tola shed Rs2,400 to reach Rs437,436. The domestic market has remained sensitive to international cues, with rupee-dollar fluctuations and import costs also influencing local bullion rates. On the global front, spot gold slipped 0.6% to $4,138.39 per ounce by 11:55 am ET (1555 GMT). US gold f...