Gold prices witness sharp drop in Pakistan as oil prices rise

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell by Rs12,800 per tola to Rs438,136, while the price of 10 grams declined by Rs10,973 to Rs375,631.In the international market, spot gold fell $128 to $4,156 per ounce.

Silver prices also declined in the domestic market, with the price of one tola falling by Rs325 to Rs6,578.In international markets, spot silver fell 4.3% to $61.51 per ounce, while platinum declined 2.8% to $1,728.43 and palladium fell 3.1% to $1,227.67.Investors continued to monitor geopolitical developments in the Middle East and economic data for indications about the US Federal Reserve’s interest-rate policy.Gold is traditionally considered a hedge against inflation, while higher interest rates tend to weigh on demand for the non-yielding precious metal by making interest-bearing assets more attractive.