Gold prices drop in global and local markets

(Web Desk): Gold prices have dropped in both international and local markets on Thursday. In the global market, the price of gold per ounce fell by $9, reaching $2859.

Locally, the price of gold also decreased. The price of one tola of gold fell by Rs900, now at Rs298,700. Similarly, the price of 10 grams of gold dropped by Rs772, standing at Rs256,087.

This decline in gold prices comes as global market conditions continue to fluctuate, impacting gold's value worldwide. Previously, gold prices had surged in Pakistan, with per tola prices rising by Rs5,300 to a record high of Rs299,600, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price hike was driven by rising tensions between the US and China. US President Donald Trump's strong statements and growing trade conflicts sparked panic among investors, causing them to buy gold as a safe option. As a result, gold prices reached a record high on Wednesday.

The sharp rise in prices was mainly due to concerns about a potential new trade war, which started when China imposed tariffs on US imports in response to new US duties on Chinese goods. Trump's comments about the US 'taking over' the Gaza Strip also fueled these worries.