Gold Prices Plummet Rs600 Per Tola in Pakistan Amid Global Market Volatility

Gold prices in Pakistan plummeted on Thursday, reversing gains from the previous session. The price of 24-karat gold dropped by Rs600 per tola, reaching Rs462,336 per tola in the local market.

The decline was attributed to international market developments, including a stronger US dollar and higher Treasury yields. Spot gold fell 0.4% to around $4,385.40 an ounce, while US gold futures dropped 0.7%. Investors are awaiting US inflation data for clearer signals about the Federal Reserve's interest-rate outlook.

The recent price fluctuations in Pakistan's domestic market have been significant, with gold prices fluctuating by Rs3,200 below Monday's rate of Rs463,136 per tola and Rs600 below Wednesday's level. The association noted that global bullion prices and rupee-dollar movements continue to influence local gold rates.