Gold plunges Rs7,000 per tola

November 12, 2024 (MLN): Gold extended its downward slide on Tuesday, with 24-karat gold slumping Rs7,000 to Rs270,500 per tola.

Last week, the yellow metal slumped Rs4,200 per tola amid a strengthened US dollar after Donald Trump won the US presidential election.

A strong US Dollar makes the safe haven asset relatively expensive for holders of other currencies.

Bullion was widely expected to rally after a Trump victory, but that appears to have been offset by a rising dollar, which makes the precious metal more expensive for many buyers.

On the global front, spot gold traded near $2,596 an ounce, down $28 or 1.07% from the previous session.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs231,911 per 10-gram, down Rs6,000.

Similarly, the price of 22-karat gold was quoted lower at Rs212,584 per 10-gram.

Silver prices also fell in the domestic market, with 24-karat silver being sold at Rs3,250 per tola (-Rs50) and Rs2,786 per 10-gram (-Rs43).

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