Karachi (Web Desk): Gold prices have fallen sharply in both international and local markets following a downward trend in global bullion rates.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola in Pakistan decreased by Rs14,900, bringing it down to Rs438,036. Similarly, the price of 10 grams of gold dropped by Rs13,410 to settle at Rs374,205.
In the international market, gold also remained under pressure. Spot gold declined by 0.8 percent, trading at $4,174.50 per ounce, while US gold futures recorded a further drop of 1.2 percent, according to Reuters.
Market analysts attribute the decline to a stronger US dollar and the Federal Reserve’s tight monetary policy stance. Higher interest rates continue to weigh on non-yielding assets such as gold, reducing investor demand.
Experts warn that if the current trend persists, gold prices could slip further and potentially fall below the $4,000 per ounce mark.
They further note that geopolitical developments and upcoming US inflation data will play a crucial role in shaping the future direction of gold prices.