Gold Crash Below Rs. 400,000 Still Possible

Gold rates in Pakistan fell on Tuesday, wiping out most of Monday's gain as the metal additionally lost ground in the international market.

Key points

• The global cost of gold fell by $13 to $3, 996 per ounce, slipping back below the $4, 000 mark it had crossed on Monday.
• The cost of 10 grams of 24-karat gold additionally declined by Rs.
• The local market has now posted losses in six of the last seven sessions, with Monday's growth being the only gain during that period.
• The cost of 24-karat gold dropped by Rs.
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Notably, the cost of 24-karat gold dropped by Rs. 1, 300 to Rs. 422, 136 per tola, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

For context, the cost of 10 grams of 24-karat gold additionally declined by Rs. 1, 115 to Rs. 361, 913, down from Rs. 363, 028 on Monday. Gold Loses Rs. 20, 000.

Tuesday's fall came a day after gold rose by Rs. 1, 400 to Rs. 423, 436 per tola, ending a five-day losing streak.

That streak included a single-day crash of Rs. 7, 000 per tola last Friday.

Before that slide began last week, gold was trading at Rs. 439, 036 per tola. With today's drop, the local cost is now Rs. 16, 900 below that level.

Gold is additionally concerning Rs. 19, 900 below its monthly peak of Rs. 442, 036 per tola, recorded on October 10. Global Gold Slips Below $4, 000. Meanwhile, the local decline followed the international trend.

Notably, the global cost of gold fell by $13 to $3, 996 per ounce, slipping back below the $4, 000 mark it had crossed on Monday.

Silver rates additionally moved lower. The cost of silver per tola declined by Rs. 85 to Rs. After closing at Rs, 5, 793. 5, 878 on Monday.

For context, the local market has now posted losses in six of the last seven sessions, with Monday's growth being the only gain during that period. Stay Connected with ProPakistani.

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Taken together, the developments around gold Crash Below Rs. 400, 000 Still Possible point to a situation that is still moving, and the coming days should bring more clarity.