Gold price drops Rs5,400 in Pakistan after Trump's win

MG News | November 07, 2024 at 03:07 PM GMT+05:00

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November 07, 2024 (MLN): Gold price in Pakistan slumped Rs5,400 on Thursday, with 24-karat gold being sold at Rs276,800 per tola.

This massive drop is linked to Donald Trump's win in the US presidential election, which caused the US dollar to surge.

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.

International spot gold traded near $2,660 an ounce, down by 3.09% or $83.81 in the past two sessions.

The Karachi Sarafa Association reported the price of 24-karat gold at Rs237,311 per 10-gram, down Rs4,630.

Similarly, the price of 22-karat gold was quoted lower at Rs217,535 per 10-gram.

Similarly, silver prices also fell in the domestic market, with 24-karat silver being sold at Rs3,300 per tola (-Rs130) and Rs2,829 per 10-gram (-Rs111).

PKR (24-karat per tola)	Nov 07, 2024	Nov 06, 2024	DoD	1 Month	FYTD	CYTD
Gold	276,800	282,200	-5,400	2,100	35,100	56,800
Silver	3,300	3,430	-130	250	450	620

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