Gold prices see sharp decline in global, local markets

KARACHI: The gold prices in Pakistan on Tuesday witnessed a sharp decrease of Rs7,000 per tola, bringing the new price to Rs270,500.

Meanwhile, the price of silver has decreased by Rs50 per tola, now priced at Rs. 3,250.

Gold, the yellow metal, has been a symbol of wealth and prosperity for centuries.

Beyond its ornamental value, gold has played a significant role as a safe haven asset, providing a refuge for investors during times of economic uncertainty, geopolitical tensions, and market volatility.

In recent years, gold’s safe haven status has been reaffirmed, as investors seek shelter from the storms of global economic and political instability.

Read More: Gold falls for second session on higher dollar

Earlier on November 11, gold prices fell for a second session, hurt by a firmer dollar and increased risk appetite as markets expect the Federal Reserve to adopt a cautious approach to monetary policy easing under US President-elect Donald Trump’s administration.

Spot gold was down 0.8% at $2,661.92 per ounce as of 1245 GMT, after dropping around 1% earlier in the session. US gold futures fell 0.9% to $2,668.80.

A line chart titled “Spot gold price in USD per oz” that tracks the metric over time.

“Gold prices have declined primarily due to a stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

Gold logged its worst week in more than five months as Trump’s victory raised the prospect of higher import tariffs, which could keep interest rates elevated.

Traders now see a 68% chance of a 25 basis-point Fed rate cut in December, versus around 83% chance before Trump’s victory.

Spot silver fell 0.1% to $31.25 per ounce, platinum rose 0.6% to $974.55, and palladium shed 0.2% to $986.96.