The price of gold in the global and local market recorded a slight decline.
According to the All Pakistan Gems and Jewelers Association, the price of gold per tola in the country fell by Rs 43 to Rs 4 lakh 37 thousand 993. Similarly, the price of 10 grams of gold fell by Rs 39 to Rs 3 lakh 74 thousand 166.
The price of gold fell by a record Rs 14,900 last day, after which it came to Rs 4 lakh 38 thousand 36 per tola. According to experts, the strength of the US dollar and the Federal Reserve’s tight monetary policy are causing pressure on gold prices. Analysts say the chances of interest rates remaining elevated are proving negative for non-yielding assets such as gold.
According to the report, the market is also expressing fears that if the current trend continues, gold could fall below the $4,000 per ounce level with further decline.
Read also: Significant drop in Gold price, check latest rates here
