Gold Prices Crash in Pakistan Amid Global Market Sell-Off

Gold prices in Pakistan plummeted by Rs11,300 per tola on Wednesday, following a decline in the international market. The price of gold dropped to Rs454,036 per tola, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This is after gold lost Rs800 per tola the day before.

The 10-gram gold price also fell by Rs9,688 to Rs389,262. The drop in gold prices has given some relief to buyers who had seen prices climb to high levels.

In international markets, spot gold hit its lowest level since August 7, falling 0.1 percent to $4,323.59 per ounce by 0826 GMT. US gold futures for December delivery fell 0.6 percent to $4,370.40.

The stronger US dollar and rising concerns over inflation weighed on demand for the precious metal. Middle East tensions have also pushed oil prices higher, raising concerns that inflation could remain high for longer. This has added pressure on gold as investors wait for the US Federal Reserve's next move on interest rates.