Pakistan Gold Prices Plummet Amid Global Market Decline
Gold prices plummeted in Pakistan on Monday after declining sharply in the international market. According to rates released by the All Pakistan Sarafa Gems and Jewellers Association, gold prices dropped by Rs12,800 per tola in the domestic market.
The price of gold per tola fell to Rs438,136, while the price of 10 grams of gold decreased by Rs10,973 to Rs375,631. Silver prices also declined, with the price of silver per tola falling by Rs325 to Rs6,578.
In the international bullion market, gold prices decreased by $128 per ounce, settling at $4,156 per ounce. This represents a 3% decline and marks gold's lowest price in more than seven weeks.
According to UBS analyst Giovanni Staunovo, higher oil prices and increased probability of further US rate hikes are driving gold's recent weakness. The dollar held firm, making greenback-priced bullion more expensive for holders of other currencies.