Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Good Fortune trailer
    Videos

    First Trailer for Aziz Ansari’s Good Fortune, Starring Keanu Reeves

    May 29, 2025 2 Min Read
    Last of Us Season 2
    Videos

    ‘The Last of Us’ Season 2 Premieres Date What to Expect From HBO’s Hit Series

    April 13, 2025 2 Min Read
    Disney Snow White box office
    Videos

    Snow White Teaser Drops: Gal Gadot and Rachel Zegler Shine

    February 22, 2025 1 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Gold Prices Plummet: Pakistan Witnesses Rs4,300 Drop
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
gold prices drop
PhotoNews Pakistan > Business > Gold Prices Plummet: Pakistan Witnesses Rs4,300 Drop
Business

Gold Prices Plummet: Pakistan Witnesses Rs4,300 Drop

Web Desk
By Web Desk Published November 26, 2024 2 Min Read
Share
An illustrative image of Gold bars. Photo Credits: Urdu Point
SHARE

Gold prices experienced a notable drop on Monday after a week of gains, reflecting global trends. In Pakistan, precious metal prices decreased by Rs4,300, closing at Rs278,400 per tola (11.66 grams). The All Pakistan Sarafa Gems and Jewellers Association attributed this decline to international factors, noting that gold had peaked at Rs287,900 per tola just last month.

Internationally, gold prices fell by $43, settling at $2,672 per ounce (31.10 grams). Spot gold decreased by 1% to $2,686.73 per ounce after a 2% drop in the session. Similarly, US gold futures declined by 0.9%, closing at $2,688.40.

Gold prices in Pakistan dropped by Rs4,300 to Rs278,400 per tola amid profit-taking after last week's surge, coinciding with a global decline in spot gold prices. https://t.co/voQxim9Jr5 pic.twitter.com/7AaF0gqQW1

— Investify Pakistan (@investifypk) November 25, 2024

This decrease occurred as investors took profits following a five-session rally pushing gold to a three-week high. Additionally, the appointment of Scott Bessent as the new US Treasury Secretary influenced the market, diminishing gold’s appeal as a haven.

UBS analyst Giovanni Staunovo explained that the pullback resulted primarily from profit-taking after the rally and optimism about Bessent’s nomination.

Gold is typically seen as a reliable investment during economic and political uncertainty. However, Bessent’s nomination brought some relief, with analysts predicting that his market savvy and potential tariff policies might reduce the need for safe-haven investments like gold.

Rupee Holds Ground

The Pakistani rupee remained stable on Monday, closing at Rs277.75 against the US dollar in the interbank market, a slight improvement from Rs277.76 on Friday, according to the State Bank of Pakistan. The currency experienced a minor decline of Rs0.09 or 0.03% last week, mainly due to external oil payment pressures.

Globally, the US dollar pulled back from two-year highs as US Treasury yields declined sharply. Following Bessent’s nomination, yields on 10-year Treasuries dropped more than 11 basis points to below 4.3%. The bond market welcomed his appointment, seeing him as a fiscally conservative Wall Street veteran likely to promote stable economic policies. Two-year yields also fell.

TAGGED:FeaturedGold Prices
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Dead Take 2025 psychological horror

Dead Take: Surgent Studios’ Psychological Horror Game Set for 2025 Release

Ayatollah Ali Khamenei Iran Nuclear Talks

Iran’s Khamenei Rejects US Nuclear Deal, Defends Uranium Enrichment

Adolescence

Adolescence Becomes Netflix’s Second Biggest English TV Series

Malir Jail Karachi Prisoner Escape

Sindh Orders Arrest of Malir Jail Constable in Massive Jailbreak Probe

Punjab solar panel guidelines 2025

Punjab Issues Solar Panel Installation Guidelines Amid Net Metering Cuts

Post Archives

More Popular from Photonews

Todd Chrisley and Julie Chrisley Pardon
Top NewsWorld

Julie and Todd Chrisley Released from Prison After Trump Pardon

2 Min Read
Israel Laser Weapon 2025
Tech

Israel Becomes First Nation to Shoot Down Drones with Laser

2 Min Read
7-Eleven takeover 2025
Business

Couche-Tard Bids to Acquire 7-Eleven, Eyes Global Convenience Store Dominance

2 Min Read
Tech

Over Half of Top TikTok Mental Health Videos Spread Misinformation, Study Finds

On June 1, 2025, a Guardian investigation revealed that 52% of the 100 most popular TikTok…

June 1, 2025
Entertainment

Brad Pitt Opens Up on Angelina Jolie Divorce After 8 Years of Silence

For the first time since his divorce from Angelina Jolie was finalised in December 2024, Brad…

May 29, 2025
Tech

Helldivers 2 Faces Steam Review Bombing Over Mega-City Defence Mission

Helldivers 2, Arrowhead Game Studios' third-person action game, is experiencing renewed review bombing on Steam. This…

May 30, 2025
Sindh

Karachi to Experience Mild Tremors for 2-3 Days: PMD Chief

Pakistan Meteorological Department (PMD) Director General Mahr Sahibzad Khan announced that Karachi will experience low-intensity tremors…

June 4, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?