Pakistan Gold Prices Plunge as Global Rates Fall Below $4,138
Gold prices in Pakistan plummeted on Saturday as international rates continued to decline. The local market followed suit, causing gold to drop by Rs4,300 per tola to Rs436,336, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also decreased, falling by Rs3,687 to Rs374,087. This downturn comes just a day after gold prices rose by Rs2,000 per tola.
Global market pressure on gold intensified as higher US Treasury yields and a stronger dollar reduced demand for the precious metal. Spot gold fell 0.9% to $4,140.06 per ounce on Friday, while US gold futures settled 1% lower at $4,162.30.
US employers added only 29,000 jobs in September, well below the 90,000 increase expected by economists. This weaker-than-expected job growth may support gold prices if it increases expectations of lower interest rates.