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Gold prices in Pakistan record a massive drop

The gold rate rate in international decreased by $70 during the day.

Gold prices in Pakistan recorded a massive drop on Saturday.

The massive price drop aligns with a decline in the international market.

After remaining stable on Friday, the price of yellow metal per tola fell by Rs3,600, settling at Rs239,400.

The 10-gram gold was sold at Rs205,247, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

As per APGJSA, the gold rate in the international market was set at $2,292 per ounce (with a premium of $20) after decreasing by $70 during the day.

Meanwhile, silver rates were reduced by Rs50 to clock in at Rs2,750 per tola.

As reported the massive drop in the yellow metal prices comes amid the pause in Chinese gold purchases triggered a sell-off, but potential weak U.S. economic data and subsequent rate cuts could support XAU/USD prices.

The People’s Bank of China (PBOC) halted its gold acquisitions in May following 18 consecutive months of purchases.

This break coincides with spot gold prices reaching a record high, resulting in a 1.4% price drop to $2,342 per ounce.

China’s gold reserves remained steady at 72.80 million troy ounces, with their value rising slightly to $170.96 billion from $167.96 billion in April.

This pause is significant as the PBOC has been the largest gold buyer in the official sector in 2023, with net purchases totalling 7.23 million ounces.

Saman Siddiqui

I am a freelance journalist, holding a Master’s Degree in Mass Communication and an MS in Peace and Conflict Studies, associated with the electronic media industry since 2006 in various capacities. Here at OyeYeah, I cover a range of genres, from journalism to fiction to fashion, including reviews, and fact findings. 

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