KARACHI: Gold prices in Pakistan fell sharply on Wednesday, plunging by Rs4,100 per tola to extend losses from the previous session, as the local bullion market tracked a steep international downturn driven by a robust US dollar and surging Treasury yields.<\/p>\n\n\n\n
The price of 24-karat gold in the domestic market settled at Rs424,836 ($1,525.43) per tola, according to the All Pakistan Gems and Jewelers\u2019 Association (APGJA).<\/p>\n\n\n\n
The price for 10 grams of the precious metal decreased by Rs3,515 to trade at Rs364,228.<\/p>\n\n\n\n
Defying the downward trend in the gold market, silver posted modest gains.<\/p>\n\n\n\n
In the local market, the price of silver rose by Rs25 to reach Rs6,349 per tola, while the price for 10 grams of silver increased by Rs22 to hit Rs5,443.<\/p>\n\n\n\n
This mirrored an uptick in the international market, where spot silver edged up by 25 cents to trade at $58.70 per ounce.<\/p>\n\n\n\n
Local dealers noted that the back-to-back contractions in gold prices were a direct response to a bearish international trend.<\/p>\n\n\n\n
On Tuesday, the price of 24-karat gold in the domestic market plunged by Rs4,100 per tola to settle at Rs424,836 ($1,525.43).<\/p>\n\n\n\n
On Monday, local tola prices had already shed Rs2,300 after international spot gold dipped to $4,065 per ounce.<\/p>\n\n\n\n
While gold traditionally serves as a critical safe-haven asset and inflation hedge in Pakistan, local jewelry prices remain tightly tethered to global benchmarks and currency fluctuations.<\/p>\n\n\n\n
In the international market, spot gold fell 0.7% to $3,979.41 per ounce, having touched a multi-month low of $3,942.99 per ounce in the previous session \u2014 its lowest level since last November. US gold futures also settled lower at $3,992.70.<\/p>\n\n\n\n
Market analysts attributed the global commodity rout to macroeconomic headwinds that have increased the opportunity cost of holding non-yielding bullion.<\/p>\n\n\n\n
\u201cThe primary drivers behind the downward pressure on gold are the strengthening US dollar and rising Treasury yields,\u201d said Ilya Spivak, a prominent market analyst.<\/p>\n\n\n\n
The pressure on precious metals has intensified following hawkish signals from US Federal Reserve officials.<\/p>\n\n\n\n
Cleveland Fed President Beth Hammack indicated that interest rates could be hiked further if inflation fails to cool down sustainably.<\/p>\n\n\n\n
Financial markets are currently pricing in an estimated 67 per cent probability of a Fed rate hike in September, with investors pivoting their attention to upcoming US employment data for clearer directional cues.<\/p>\n\n\n\n
Other international precious metals largely tracked gold\u2019s downward trajectory during the broader trading sessions.<\/p>\n\n\n\n
Spot silver was down 1.4 per cent at $57.75 per ounce earlier in the global cycle, while platinum eased 0.6 per cent to $1,542, and palladium slid 0.4 per cent to trade at $1,199.34.<\/p>\n","protected":false},"excerpt":{"rendered":"
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