Pakistan Gold Prices Plummet as International Market Faces Pressure

Gold prices in Pakistan dropped sharply on Monday after recent fluctuations in the bullion market. The All Pakistan Sarafa Gems and Jewellers Association reported that gold fell by Rs12,800 per tola, bringing its new price to Rs438,136. This decline also affected the price of 10 gram gold, which became cheaper by Rs10,973 and now stands at Rs375,631.

The prices of silver also moved lower, with one tola of silver dropping by Rs325 to settle at Rs6,578. The fall in Pakistan's gold prices followed a decline in international gold prices, which dropped by $128 per ounce to $4,156 per ounce. This downward pressure on gold was due to strong expectations of higher US interest rates affecting demand for the precious metal.

The fluctuations in gold prices are closely linked to movements in the international bullion market and changes in the value of the Pakistani rupee against the US dollar. Geopolitical tensions can also influence demand for gold, as investors often consider it a safe haven asset during periods of uncertainty.