Gold price drops in Pakistan

According to ARY News, the price of gold fell in Pakistan on Monday despite a little increase on the international market.

The price of gold (24 carats) has decreased by Rs1,500 per tola to Rs233,000, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

A 10-gram gold bar now costs Rs99,760, a decrease of Rs1,286.

On the international market, the price of gold jumped by $1, ending the day at $1,915 per ounce.

The price of gold in Pakistan has lately varied due to continuous political and economic instability, as well as significant inflation.

Related: Pakistan’s gold price continues to plummet

According to Reuters, gold prices held near to three-week lows earlier this month as good US private payrolls data indicated the economy may avoid a recession. This encouraged expectations of more monetary policy tightening, which boosted the value of the dollar and Treasury rates.

By 0741 GMT, spot gold had dropped to its lowest level since July 11th, trading at $1,936.07 per ounce. Gold futures in the United States fell 0.2% to $1,971.90.

Despite the risk of increased short-term volatility,

Bennett remarked, “The easy run for gold is over,” and added that the price of gold is under pressure from a higher dollar.

The benchmark 10-year Treasury yield rose to its highest level since November as the dollar index rocketed to a four-week high following numbers released on Wednesday that showed private payroll growth in the US exceeded expectations last month.

Earlier in the month, gold prices held near three-week lows after strong US private payrolls data suggested the economy could avoid a recession, fuelling bets of more monetary policy tightening and, in turn, boosting the dollar and Treasury yields, according to Reuters.

Spot gold was little changed at $1,936.07 per ounce by 0741 GMT, having hit its lowest since July 11. U.S. gold futures fell 0.2% to $1,971.90.