The gold price plunged to a seven-month low of $1,817 per ounce in the international market after shedding $25.
The precious metal did get a minor lift in the wake of a modest intraday US Dollar (USD) downtick, though lacked follow-through buying.
The initial market reaction to Wednesday’s rather unimpressive US macro data, meanwhile, turns out to be short-lived amid growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer.
The gold price recorded a drop of Rs9,100 per tola in the Asian markets. The precious metal is currently being sold at Rs192,000 per tola
In Pakistan, the gold price has plunged about Rs50,000 per tola following the recovery in the value of the rupee after a crackdown on the dollar mafia across the country.
