Pakistan Gold Prices Plunge Amid Weakening Dollar Fears
Gold prices in Pakistan have taken another hit as the local market followed suit with international bullion rates. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs3,500 per tola to Rs483,036.
The 10-gram gold also declined by Rs3,001 to Rs414,125, while silver prices rose by Rs50 to Rs7,329 per tola in Pakistan. This decrease comes a day after gold lost Rs600 per tola, closing at Rs486,536 on Wednesday.
The international market saw a rate fall of $35 to $4,605 per ounce, including a $20 premium, which contributed to the decline in local prices. Analysts pointed out that fears over a weaker US dollar remain a key support for gold. The upcoming comments from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium on Friday may offer clues about the Fed's approach to interest rates and influence the next move in gold prices.