Pakistani Gold Prices Plunge by Rs12,800 Amid Rising US Treasury Yields

Gold prices in Pakistan plummeted on Monday by Rs12,800 per tola to Rs438,136, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10-gram gold decreased by Rs10,973 to Rs375,631.

The decline in gold prices came as international gold prices fell sharply amid a rise in US Treasury yields. Spot gold dropped as much as 4% on Monday to $4,111 an ounce, its lowest level since August 5, before recovering some of its losses.

Adnan Agar, Director at Interactive Commodities, attributed the immediate pressure on gold to rising yields on 10-year US Treasury bonds. He also suggested that gold could find support around $4,000 to $4,050 in the coming days and potentially stage a rebound from those levels.