Gold plunges by Rs4,300 amid global decline

After a week of rallying, gold prices saw a significant drop on Monday, reflecting global trends. In Pakistan, the precious metal fell by Rs4,300, settling at Rs278,400 per tola (11.66 grams). The All Pakistan Sarafa Gems and Jewellers Association attributed the decline to international developments, adding that gold had reached an all-time high of Rs287,900 per tola just last month. On the international front, gold prices decreased by $43 to $2,672 per ounce (31.10 grams). Spot gold dropped 1% to $2,686.73 per ounce after slipping 2% earlier in the session. US gold futures mirrored this trend, losing 0.9% to $2,688.40. This decline came as investors took profits following a five-session rally that had pushed prices to a three-week high. The announcement of Scott Bessent as the new US Treasury Secretary also affected gold's safe-haven appeal.