Amid the ongoing clashes in middle East the Gold prices drop to significant level and the traders predicted that if this crisis persist in the long run, it will further affect the prices of gold.
Gold prices are also falling rapidly in Pakistan due to the fall in gold prices in the global market. In the last few days, the price of gold has recorded a total decline of more than Rs 10,000.
Economic experts say that gold prices are expected to fall by another 5 to 8 percent due to the global political situation and the stability of the dollar.
After continuous fluctuations in gold prices in the global bullion market, gold prices have seen a significant decline in Pakistan. the price of 24-karat gold has fallen by Rs 7,100 per tola to Rs 533,262 after a major decline of Rs 7,100 per tola.
Global market pressure: Gold has fallen to $5,105 per ounce in the global market. Experts say that until global prices stabilize, the local market will also remain bearish.
According to experts, after prices reached record levels, big investors are now making profits by selling their gold, which has increased supply and prices are coming down.
Due to the stability in the value of the US dollar and the increase in yields on international bonds, investors are withdrawing money from gold and investing in other assets.
Economic analysts say that if tensions between Iran and the US decrease or a temporary agreement is reached, gold may lose its appeal as a safe haven. Experts have predicted that Gold may fall to Rs 500,000 per tola. Buyers have been advised to wait for prices to stabilize further before making large purchases.
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