Gold Prices Plummet in Pakistan Amid Rising US Treasury Yields

Karachi: The price of gold in Pakistan plummeted by Rs12,800 per tola on Monday, following a sharp decline in international markets due to rising US Treasury yields. This weighed heavily on demand for the non-yielding precious metal.

The APGJSA reported that the price of 10-gram gold decreased by Rs10,973 to Rs375,631. Gold had closed at Rs450,936 per tola on Saturday after declining Rs2,100 during the session.

Spot gold dropped as much as 4% on Monday to $4,111 an ounce, its lowest level since August 5, before recovering some of its losses. The benchmark 10-year US Treasury yield climbed to its highest level since June 2007.