KARACHI: Gold prices in Pakistan significantly declined on Tuesday, January 28, 2025, ARY News reported.
According to All Sindh Sarafa Jewellers Association, the gold prices saw a decline in the local market, with the price of a single tola dropping by Rs2700. The new price for one tola of gold is now Rs2,86,400.
Similarly, the price of 10 grams of gold decreased by Rs2315, bringing the price of 10 grams to Rs2,45,541.
The price of silver also decreased by Rs192 to Rs3203 rupees per tola and the price of 10 grams of silver declined by Rs165 to Rs2745.
Read More: Gold prices decline in Pakistan – January 27, 2025
In the international market, gold prices rebounded on Tuesday from a dip in the previous session triggered by tech-led wider market sell-off, as increasing uncertainties over U.S. President Donald Trump’s proposed tariffs kept investor interest in the safe-haven asset.
Spot gold rose 0.4% to $2,751.66 per ounce by 10:07 a.m. ET (1507 GMT). Gold dropped over 1% to mark its steepest drop since Dec. 18 in the previous session spurred by DeepSeek’s low-cost, low-power AI model.
“I think some of the biggest factors are Trump’s comments yesterday in regards to tariffs… and right now, the correlation with gold is, a basket of geopolitics, inflation expectations,” said Daniel Pavilonis, senior market strategist at RJO Futures.
Trump said on Monday he plans to impose tariffs on imported computer chips, pharmaceuticals and steel in an effort to get the producers to make them in the United States.
Trump’s policies, in addition to being perceived as inflationary, could potentially trigger trade wars, increasing safe-haven demand for bullion.
Investors’ focus is now set upon the Federal Reserve’s first policy meeting this year, scheduled to start later in the day.
Policymakers are expected to leave interest rates unchanged at the end of the two-day meeting.
However, Trump saying he wants borrowing costs to be lowered cast some doubt over the independence of the Fed’s decision.
