Gold prices in Pakistan witnessed a significant drop of Rs 14900 per Tola 24 Karat, reaching the price of 12 grams to 4,38,036 in the local bullion market.
After the fall in gold prices in the global market, a major decline in gold prices has been recorded in Pakistan. According to the All Pakistan Sarafa Gems and Jewelers Association, gold has become cheaper by Rs 14,900 per tola to Rs 438,036. Similarly, the price of 10 grams of gold has decreased by Rs 13,410, after which the new price has become Rs 374,205.
The pressure on gold prices in the global market also continues. According to the news agency Reuters, spot gold is trading at $ 4,174.50 per ounce with a decrease of 0.8%, while US futures have also recorded a decrease of 1.2%. According to experts, the strength of the US dollar and the tight monetary policy of the Federal Reserve are causing pressure on gold prices. Analysts say that the prospect of higher interest rates is proving to be a negative for non-profitable assets such as gold.
According to the report, there are also fears in the market that if the current trend continues, gold could fall further and fall below the $4,000 per ounce level. On the other hand, the geopolitical situation and upcoming reports on US inflation will also play an important role in determining the future of gold prices.
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