Gold prices plunge

The local gold prices on Thursday witnessed a drastic fall of Rs4,630 per 10-gram and Rs5,400 per tola on Thursday, as international prices plunged by $65 per ounce after the victory of Donald Trump. As per All Sindh Saraf and Jewellers Association (ASSJA), the new prices of 10-gram and one-tola (24kt) are Rs237,311 and Rs276,800, respectively, while international gold price stood lower at $2,662 per ounce. On Oct 30, the domestic 10-gram and one-tola prices hit an all-time high of Rs246,828 and Rs287,900, respectively, due to a $29 surge in international price to $2,784. ASSJA President Haji Haroon Rasheed Chand said that Trump’s hint towards economic policy changes and efforts to end Ukraine-Russia and Israel-Palestine conflicts made a big impact on the yellow metal prices followed by reports of further cuts in the interest rates by the Federal Reserve.