The price of gold per tola in the country has fallen by Rs 8,600 due to the global market amid delay in the Iran-US deal,
According to the All Pakistan Gems and Jewelers Association, after this decline, the price of gold per tola in the country has fallen to Rs 467,762. The price of 10 grams of gold has decreased by Rs 7,373 to Rs 401,030. Gold per ounce has fallen by $ 86 in the international market to $ 4,454. The price of silver per tola in the local market has also fallen by Rs 259 to Rs 7,894.
The sharp decline came after gold hit multi-week highs earlier this month. Analysts say profit-taking by traders and a stronger dollar contributed to the downward pressure on the precious metal. Market experts added that easing geopolitical tensions and expectations of stable interest rates also reduced demand for gold as a hedge.In local markets, the drop was felt across major trading hubs including Karachi, Lahore, and Peshawar. Jewelers reported lower buying activity as customers waited for prices to stabilize.
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