Gold drops Rs3,300 amid global correction

Gold prices in Pakistan declined on Monday, mirroring the downward trend in the international market, where bullion slipped below the $4,000 per ounce mark amid signs of easing US-China trade tensions and caution ahead of the US Federal Reserve's interest rate decision this week. According to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs3,300, settling at Rs430,362. Similarly, the price of 10 grams of gold fell by Rs2,829 to Rs368,966. On Saturday, the yellow metal had gained Rs1,800, pushing the per-tola price to Rs433,662. Adnan Agar, Director at Interactive Commodities, said gold's recent correction was driven by shifts in global sentiment. "Gold prices are trending downwards and have broken the crucial $4,000 level," he said, noting that the metal hit a low of $3,971 and a high of $4,064 during the session.