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Commodities

Gold Prices Plummet in Pakistan Amid US Dollar Strength

Guavy AI Editorial Team
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Gold
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Gold prices in Pakistan plummeted by Rs4,300 per tola on Tuesday, erasing much of Monday's gains as international bullion rates came under pressure from a stronger US dollar and growing caution ahead of the Federal Reserve's policy decision.

The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that gold prices fell to Rs427,436 per tola, down from Monday's high of Rs431,736. The price of 10 grams of gold also declined by Rs3,687, settling at Rs366,457.

Market analysts attributed the decline to a stronger US dollar, which makes gold more expensive for buyers using other currencies, thereby reducing demand. Investors are eagerly awaiting the outcome of the Federal Reserve's two-day policy meeting, which concludes on Wednesday.

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