Gold rates register massive drop in Pakistan

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs.5,400 and was sold at Rs.276,800 on Thursday compared to its sale at Rs.282,200 on last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs.4,630 to Rs.237,311 from Rs. 241,941 whereas the price of 10 gram 22 karat gold went down to Rs. 217,535 from Rs. 221,780, the All Sindh Sarafa Jewellers Association reported.

The price of per tola decreased by Rs.130 to Rs.3,300 whereas that of ten gram silver went down by Rs.111.46 to Rs.2,829.21.

The price of gold in the international market decreased by $65 to $2,662 from $2,727 last day, the Association reported.

Gold prices slipped to a near three-week low on Wednesday, beating a retreat as the dollar jumped after Republican Donald Trump was elected US president in a remarkable political comeback.

Also read: Dollar, Bitcoin Rate after Trump victory- Nov 6. 2024

Investors in gold were also turning their attention to the next Federal Reserve policy meeting, seeking clues on the pace of interest rate cuts. The prospect of several rate cuts had been underpinning bullion’s stunning rally this year.

Spot gold was down 1.5% to $2,703.93 per ounce at 1152 GMT. Bullion hit a record high of $2,790.15 last Thursday.

US gold futures were down 1.3% to $2,713.60.

The dollar hit a four-month high, making bullion more expensive for buyers holding other currencies, as traders bet the prospect of higher tariffs under Trump could keep interest rates higher for longer.

“Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out and continued demand for safe haven assets,” said Ole Hansen, head of commodity strategy at Saxo Bank.