Gold prices dropped significantly on Thursday. The decline was seen in both international and Pakistani domestic markets.
This continues the precious metal’s downward trend. The fall is linked to a stronger US dollar and investor caution.
The drop was felt immediately in local markets. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs 3,500 per tola. The new price is Rs 433,862 per tola. For 10 grams of gold, the price decreased by Rs 3,100, settling at Rs 371,966.
This follows a major drop on Wednesday. Over the two-day period, the total decline has been substantial.
The local market follows global trends. In the international bullion market, the price of gold fell by $35 per ounce. It reached $4,115 per ounce. This global slide directly impacts the cost of gold in Pakistan.
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Market experts say the drop is due to several factors. A strong US dollar and investor profit-taking are key reasons.
Traders are attributing the decline in gold prices to global market fluctuations. Many investors are selling their gold to secure profits, especially ahead of upcoming key economic data from the United States. Important inflation figures and a Federal Reserve decision will be released soon, and these events could impact the value of the dollar and gold. Consequently, many investors are adopting a wait-and-see approach.
