- Gold prices fell by Tk 3,300 to Tk 181,800 per tola.
- Analysts predicted that the black swan of gold would stumble.
- In the domestic market, the price of silver has increased by Rs 30 per tola.
Gold prices fell on Tuesday after Pakistan received a promise of $11 billion in flood aid in a day. International Conference on Climate Resilient Pakistan In Geneva.
announcement of Inflow commitment The precious metal price bubble burst which had earlier taken advantage of the dollar shortage and the depreciation of the rupee.
Data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA) showed gold prices fell by Rs 3,300 per tola and Rs 2,829 per 10 grams to settle at Rs 181,800 and Rs 155,864 respectively.
Analysts had already predicted that the yellow metal would stumble into a black swan as inflows of $6-8 billion from multilateral and bilateral lenders would burst the pricing bubble in Pakistan.
Earlier, goldsmiths had expected gold prices to touch Rs 200,000 per tola due to rupee depreciation against the US dollar under the current cycle. However, they now believe that prices will fall below the key level of Rs 180,000 per tola.
They also noted that most buyers in the local market are gold investors these days. Earlier, they kept their savings in US dollars to avoid the impact of rupee depreciation in times of high inflation.
They mentioned that investors have started coming to the bullion market due to the drop in the dollar in the open market. In the black market, illegal traders are selling the dollar at Rs 250-260 compared to Rs 227 in the interbank market.
Meanwhile, silver prices in the domestic market rose by Rs 30 per tola and Rs 25.71 per 10 grams to settle at Rs 2,100 and Rs 1,800.41 respectively.
In international markets, gold prices held steady near eight-month highs in the last session, with cautious traders mainly focused on an upcoming speech by Federal Reserve Chair Jerome Powell for further insight into the US central bank’s rate-hike path. The price settled at Rs 1,876 per ounce after a $5 rise.
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