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Tuesday, June 18, 2024  
11 Dhul-Hijjah 1445  

Gold rates see steep decline in Pakistan

Latest gold rates for May 24

The price of per tola gold fell by Rs6,200 in Pakistan, reaching Rs242,000 following a major decrease in the international market, Aaj News reported.

Moreover, the 10-gram gold price decreased by Rs5,315 and stood at Rs207,476.

International gold prices declined for the third consecutive day on Thursday following the release of minutes from the latest Federal Reserve meeting suggested that some central bank officials were inclined to increase interest rates, Reuters reported.

Spot gold dropped 0.9% to $2,357.16 per ounce as of 0746 GMT. The precious metal had reached an all-time high of $2,449.89 on Monday, but has since fallen around 4%.

US gold futures were trading 1.4% lower at $2,359.50.

The prospect of higher interest rates, which can make non-yielding assets like gold less attractive compared to interest-bearing investments, appears to have weighed on gold prices over the past three trading sessions.

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