Gold plunges for second day in global and local markets
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Gold prices recorded a signficant drop in both international and domestic markets as the decline for a second consecutive day.
According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola (11.66 grams) dropped by Rs6,700, bringing it down to Rs335,200.
Similarly, the price of 10 grams of gold fell by Rs5,745, reaching Rs287,379.
Yesterday in local markets, the per tola gold (11.66 grams) fell by Rs2,300, bringing the price to Rs341,900.
The price of gold in the international bullion market declined by $67 per ounce, settling at $3,168. The sharp fall in global rates also impacted domestic prices in Pakistan.
The price of silver also decreased, with one tola falling by Rs105 to Rs3,377.
Gold prices fell to their lowest in more than a month on Thursday, as easing trade tensions between the world's two largest economies dented demand and investors awaited US economic data for further clarity on future interest rates.
Spot gold was down 0.8% to $3,154.16 an ounce as of 0838 GMT, after hitting its lowest since April 10 earlier in the session.
The US and China this week have agreed to reduce tariffs and implemented a 90-day pause, de-escalating a trade war and denting demand for gold as a safe haven.
Gold, used as a store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, fears linked to a global tariff war, and strong investment demand.
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