Gold Prices Drop in Local and Global Markets; Silver Prices Steady

Gold prices experienced a notable drop in both international and local markets at the start of the week.

In the global bullion market, gold per ounce fell by $15, bringing the price to $2,675. Locally, the price of 24-carat gold decreased by Rs 1,500 per tola, now priced at Rs 279,300, while gold per 10 grams dropped by Rs 1,286, settling at Rs 239,455.

Silver prices, however, remained unchanged. In local markets, silver per tola held steady at Rs 3,350, and the price per 10 grams remained at Rs 2,872.08.

The decline in gold prices was driven by strong U.S. jobs data, which boosted the dollar and reinforced the Federal Reserve’s cautious stance on interest rate cuts. Despite the decline, underlying safe-haven demand for gold persists amid market uncertainties surrounding U.S. President-elect Donald Trump's potential economic policies, such as proposed tariffs and inflation concerns.