Gold prices plunge in Pakistan amid global decline

January 08, 2024 (MLN): Domestic bullion started the week on a negative note, as the price of 24-karat gold in Pakistan dropped by Rs1,900 per tola to Rs216,100.

The Karachi Sarafa Association reported that the price of 10-gram 24-karat gold was at Rs185,271, reflecting a loss of Rs1,629.

While the price of 10-gram 22-karat gold stood at Rs169,832.

Meanwhile, the price of silver remained unchanged, with 24-karat silver and 10-gram 24-karat silver being sold at Rs2,660 and Rs 2,280.52.

On the global front, international spot gold fell significantly by 1.25%, currently trading at 2,019.82.

This decline comes after the forecast-busting US jobs report dampened hopes for an early interest rate cut.

The keenly awaited non-farm payrolls data on Friday showed the world's number one economy remains resilient despite interest rates sitting at a two-decade high and inflation still well above the Federal Reserve's target.

However, they dealt another blow to expectations the central bank will begin to normalize monetary policy in the next few months.

Moreover, additional strain came today as the Pakistani Rupee (PKR) recorded another daily win against the U.S. Dollar.

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