Pakistan's golden market crashes as spot price hits four-month low
Gold prices plunged sharply across Pakistani exchanges on Monday morning after sliding over 97 rupees to hit Rs43,600 per unit of gold (2 karat) and reach the lowest level in months for March 1st year's market at under Rupee-5 lakh a tala.
Key Points
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1Gold per tola (24 karat) fell sharply across Pakistan's markets on March 23rd.
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2The price dropped Rs. 43,600 from previous levels and settled at Rs. 447,762 according to the All Pakistan Sarafa Gems and Jewellers Association.
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3International gold prices also declined by more than eight percent in parallel with local market movements.
Developments
Gold prices experienced a historic decline across Pakistan on Monday as they fell 43% below their record highs to reach approximately $798 per ounce (Rs1250). This sharp drop marked the largest single-day decrease in gold's price, with local rates falling by over Rs.
Gold prices in Pakistan fell by Rs43,600 per ounce on Monday due to an eight percent drop driven by Middle East conflict fears and rising inflation expectations. International spot gold also declined 8% after its steepest weekly loss since February of the previous year as market sentiment shifted from expecting rate cuts to anticipating potential hikes that reduce demand for non-yielding assets like gold.
Gold prices in Pakistan fell by Rs43,600 per 24-karat tola on Monday due to an eight percent drop in international spot and futures markets. This decline marks gold's lowest level since November last month following its steepest weekly loss of over ten percentage points driven by Middle East conflict fears rising inflation expectations that have shifted market focus from rate cuts to potential interest hikes.