Pakistan Gold Prices Plummet Amid Global Market Slump
Gold prices in Pakistan fell on Saturday due to a decline in global bullion markets. The All-Pakistan Gems and Jewellers Sarafa Association reported that 24-karat gold dropped by Rs2,100 per tola to Rs450,936, while the price of 10 grams declined by Rs1,800 to Rs386,604.
The international market saw spot gold fall by $21 to $4,284 per ounce. Silver prices also decreased, with one tola falling by Rs60 to Rs6,903.
Investors are closely monitoring geopolitical developments in the Middle East and US economic data for clues about the Federal Reserve's interest-rate policy. Traditionally, gold is viewed as a hedge against inflation, but higher interest rates can reduce demand for the precious metal by making interest-bearing assets more attractive.