Gold prices see big drop in Pakistan

KARACHI: Gold prices on Saturday registered a decrease of Rs3750 per tola in the domestic market, ARY News reported.

According to the All Pakistan Jewellers Manufacturers Association (APJMA), per tola gold price in the local market dropped by Rs3750 per tola to settle at Rs150,100.

The price of 10 grams of gold also decreased by Rs3216 to Rs128,686.

The gold hit an all-time high of Rs162,500 per tola on July 28.

In the international market, gold prices dropped over 1.5% to their lowest since April 2020, hurt by an unrelenting rally in the U.S. dollar and Treasury yields as the Federal Reserve adopts a more aggressive stance to check surging inflation.

Spot gold was down 1.6% at $1,644.04 per ounce after dropping as much as 1.8% to $1,640.20 earlier in the session.

U.S. gold futures settled 1.5% lower at $1,655.60.