G
Gold prices in Pakistan saw a steep decline of Rs5,400 on Thursday, bringing the price of 24-karat gold down to Rs276,800 per tola. This drop came after Donald Trump won the US presidential election. The result caused the US dollar to rise, which affected gold prices. While many expected gold to go up after Trump’s win, the stronger dollar made gold more expensive for buyers in other countries, including Pakistan. This article looks at how Trump’s victory and the rising US dollar impacted gold and silver prices in Pakistan.
How Trump’s Win Affected Gold Prices
When Donald Trump won the US election, the US dollar quickly went up in value. This caused gold prices to fall in many countries, including Pakistan. Gold prices were expected to rise after Trump’s win, but the stronger dollar made gold more expensive. As a result, the price of 24-karat gold in Pakistan dropped by Rs5,400, reaching Rs276,800 per tola.
Global Gold Price Trends
Globally, the price of gold also went down because of the stronger dollar. Gold was trading around $2,660 per ounce, which is a drop of 3.09% or $83.81 over the past two days. The rise in the US dollar made gold more expensive for people in other countries, leading to lower prices in Pakistan.
In Pakistan, the Karachi Sarafa Association reported that the price of 24-karat gold dropped to Rs237,311 per 10 grams, a fall of Rs4,630. Similarly, 22-karat gold was priced at Rs217,535 per 10 grams.
Silver Prices Also Fall
Silver prices in Pakistan also went down. The price of 24-karat silver dropped by Rs130 per tola, bringing it to Rs3,300. The price of silver in 10-gram bars fell by Rs111, to Rs2,829. Like gold, silver prices were affected by the stronger US dollar.
Price Comparison
| Metal | Nov 07, 2024 | Nov 06, 2024 | Change | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold (24K) | Rs276,800 | Rs282,200 | -Rs5,400 | Rs2,100 | Rs35,100 | Rs56,800 |
| Silver (24K) | Rs3,300 | Rs3,430 | -Rs130 | Rs250 | Rs450 | Rs620 |
Conclusion
The recent drop in gold and silver prices in Pakistan can be mainly linked to the stronger US dollar after Donald Trump’s election win. This rise in the dollar made gold and silver more expensive, leading to lower prices in Pakistan. Buyers and investors should stay informed about these changes, as they will continue to affect the prices of precious metals.
For more information on daily gold prices, visit Daily Gold Signal. For the latest updates on gold prices, check out Daily Gold Update.
