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).
