Gold prices dropped significantly on Monday in both international and domestic markets, with per tola rates in Pakistan falling by thousands of rupees.
In the international bullion market, the price of gold declined by $25 per ounce, bringing the new global rate to $3,310 per ounce.
The global dip directly impacted local rates in Pakistan, where the price of 24-karat gold fell by Rs2,500 per tola, bringing the new price to Rs353,000 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association.
Similarly, the price of 10 grams of 24-karat gold dropped by Rs2,143, setting the new rate at Rs302,640.
Gold prices slipped to a near-one-week low on Monday due to an uptick in the US dollar, with investors awaiting details on the trade front ahead of US President Donald Trump's tariff negotiation deadline.
Spot gold was down 0.8% at $3,309.21 per ounce by 1023 GMT. US gold futures shed 0.7% to $3,318.70.
"We are seeing a slight pullback due to short-term positive dollar and maybe that's just since the economic data coming from the U.S. is still pretty strong, taking away the immediate need to cut rates," said WisdomTree commodities strategist Nitesh Shah.
Source link
