ISLAMABAD – Gold prices in Pakistan witnessed a significant decline after continued downward trend in international bullion markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs14,900, bringing it down to Rs438,036.
Similarly, the price of 10 grams of gold dropped by Rs13,410, settling at Rs374,205.
The decline comes as global gold markets remain under pressure. International reports indicate that spot gold fell by 0.8 percent to trade at $4,174.50 per ounce, while US gold futures also recorded a decline of 1.2 percent.
Market analysts attributed the downward trend to the strengthening of the US dollar and the continuation of a tight monetary policy stance by the US Federal Reserve.
Higher interest rates generally reduced the appeal of non-yielding assets such as gold, leading to weaker demand among investors.
Experts also warned that if current market conditions persist, gold prices could face additional pressure and potentially fall below the $4,000-per-ounce level.
Analysts noted that future movements in gold prices will likely depend on global geopolitical developments and upcoming US inflation data, both of which are expected to influence investor sentiment and market direction in the weeks ahead.
