Due to the slowdown in the global market and the possibility of an interest rate hike by the US Federal Reserve, gold and silver prices have once again witnessed a major decline in local bullion markets today.
According to the latest data released by the All Pakistan Gems and Jewelers Bullion Association, the price of 24-carat gold per tola has fallen by Rs 3,094 to Rs 452,233, while the price of 10 grams of gold has fallen by Rs 2,785 to close at Rs 386,987. At the same time, the price of 22-carat 10 grams of gold has also fallen to Rs 354,919.
Along with gold, silver prices also witnessed a downward trend where silver per tola fell by Rs 94 to Rs 7,173 and the price of 10 grams of silver decreased by Rs 86 to Rs 6,116. Gold prices in the global market have been witnessing continuous fluctuations for the past few days. After a decline of $30 and 94 cents per ounce in the international market, gold fell to $4,297 and 97 cents.
According to global economists, the expected increase in interest rates by the US Federal Reserve in the coming days has affected the confidence of investors, due to which they are withdrawing capital from safe assets like gold. In addition, the ongoing tension in the Middle East and changes in oil prices are also affecting the global market.
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