Gold prices decline in local and global markets
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Gold prices have witnessed a decline in both international and local markets on Thursday. In the international bullion market, the price of gold per ounce dropped by $9, reaching a level of $2859.
Locally, the price of gold also experienced a decrease. The price of one tola of gold fell by Rs900, bringing it to Rs298,700.
Similarly, the price of 10 grams of gold decreased by Rs772, now standing at Rs256,087.
The decline in gold prices has been observed amid fluctuating global market conditions, which have affected gold's value across various regions.
Earlier, the
price of gold surged significantly in Pakistan
, with per tola rates increasing by Rs5,300 to hit a record Rs299,600, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
US President Donald Trump's rhetoric and escalating trade tensions between the United States and China fueled panic among investors, driving them to seek refuge in gold. As a result, gold prices reached an all-time high on Wednesday.
The significant increase in gold prices was primarily attributed to fears of a potential new trade war. This escalation began when Beijing imposed tariffs on US imports in retaliation for new American duties on Chinese goods. Additionally, Trump's statement about the US 'taking over' the Gaza Strip contributed to these concerns.
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