KARACHI: Gold prices continued their sharp decline on Thursday, falling both internationally and in Pakistan as a stronger US dollar and global market volatility weighed on bullion demand.
In the international market, gold dropped by $35 per ounce, settling at $4,115. The downturn swiftly impacted local prices, where gold fell by Rs3,500 per tola, bringing the rate to Rs433,862 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA. The price of 10 grams of gold also decreased by Rs3,100, now standing at Rs371,966.
Traders attributed the continued slide to fluctuations in global bullion markets, profit-taking by investors, and the strengthening of the US dollar. The decline follows Wednesday’s fall, when gold dropped by **Rs7,538 per tola** locally, in line with international losses.
Globally, spot gold extended Tuesday’s steep decline—the largest single-day fall in five years—falling 2% to $4,038.89 per ounce as of 11:19 am ET, after earlier reaching $4,161.17. US gold futures for December delivery were down 1.3% at $4,055.40 per ounce, Reuters reported.
Market analysts expect further price fluctuations ahead of key US inflation data and the Federal Reserve’s monetary policy decision next week, which could determine the near-term direction of gold prices.
