Commodities
Gold Slumps to Rs453,336 per Tola Amid US Dollar Surge
Gold prices in Pakistan fell sharply to start the week on Monday, dropping Rs3,800 per tola to Rs453,336. The local market was tracking a decline in international bullion prices, which had fallen $38 to $4,308 per ounce.
The drop came after gold prices rose over the weekend, with rates closing at Rs457,136 per tola on Saturday. However, investors turned cautious ahead of key interest rate decisions by major central banks, causing a sharp decline in international gold prices.
Spot gold fell 0.9 percent to $4,308.24 per ounce, while US gold futures dropped 1.4 percent to $4,348.50. The US dollar also strengthened to its highest level in over a week, making gold more expensive for buyers using other currencies.