Karachi: The price of one tola fell by a staggering Rs5,400 on Thursday, to Rs276,800, indicating that Pakistan was also affected by the recent dip in the global gold market.
According to rates provided by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), 10-gram gold also saw a notable drop of Rs4,630 before selling for Rs237,311.
According to market analysts, the recent surge in gold prices, which peaked on October 31 at an all-time high of Rs287,900 a tola in Pakistan, was halted by unpredictability surrounding the US elections.
Muhammad Adnan Qadri, Chairman Southern Zone Pakistan Gemstone & Minerals Association (PGMA) said, “The market was anticipating a surge in gold prices if Kamala Harris won the US Elections, while the situation would reverse in case of Donald Trump’s ascension to the White House.”
Republican candidate Donald Trump defeated Democratic Vice President Kamala Harris to win the presidency again on Wednesday, concluding an incredible comeback four years after he was kicked out of the White House. Trump is the 47th President of the United States (US).
Also read: Gold Rates Update, November 07, 2024
International market dynamics, including those of gold, have been impacted by Trump’s return to power.
The price of gold has dropped by about $130 globally, from a record high of $2,790.15 per ounce last week to $2,663.02 per ounce as of midnight.
The price of gold, which Pakistan imports, is determined by two factors: the value of the US dollar and the international rate. The reduction in the rupee-dollar exchange rate is mostly due to the decline in the international rate, which remains stable.
