At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold prices continued their downward trend on Thursday, witnessing a significant drop both in the international and domestic markets.
In the international bullion market, the price of gold fell by $35 per ounce, reaching $4,115. The decline in global prices directly impacted local rates, with gold in Pakistan falling by Rs3,500 per tola, bringing the new price to Rs433,862 per tola.
Similarly, the price of 10 grams of gold decreased by Rs3,100, now standing at Rs371,966.
Traders attribute the fall to fluctuations in the global bullion market and a stronger US dollar, which continue to influence precious metal prices both internationally and domestically.
Earlier on Wednesday, gold prices also declined, mirroring losses in the international market, where the precious metal fell to a near two-week low amid profit-taking ahead of key US inflation data due later this week.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs7,538 per tola to settle at Rs437,362, compared to Rs444,900 a day earlier. Similarly, the rate for 10 grams of gold fell by Rs6,463, closing at Rs374,967.
In the international market, spot gold extended Tuesday’s steep slide, its biggest single-day fall in five years, as investors booked profits and awaited economic cues from upcoming US inflation figures and next week’s monetary policy decision by the Federal Reserve.
Spot gold was down 2% at $4,038.89 per ounce as of 11:19 am ET (1519 GMT), after rising to as much as $4,161.17 earlier in the session, according to Reuters. US gold futures for December delivery fell 1.3% to $4,055.40 per ounce.
