Gold prices tumble as US-China tariff easing dampens demand

Gold markets experienced renewed volatility as prices dropped sharply on Tuesday, following a brief one-day pause in movement. The decline is largely attributed to a cooling in safe-haven demand after positive developments in the US-China trade dispute.

In the international market, the price of gold plunged by $23 per ounce, settling at $3,235. Gold dealers report that the easing of tensions between the world’s two largest economies has triggered a reversal in global demand for the precious metal.

The domestic market in Pakistan mirrored the global trend. The price of 24-karat gold per tola fell by Rs. 2,300, bringing it down to Rs. 341,900. Meanwhile, the rate for 10 grams of gold dropped by Rs. 1,972, now standing at Rs. 293,124 in Karachi.

Market analysts say further price adjustments may follow depending on upcoming economic indicators and geopolitical developments.