Gold Prices Drop Amid Global Market Volatility

Gold prices in the local market of Karachi fell by Rs3,000 per tola, reflecting a global trend where gold prices decreased by $30 to $2,617 per ounce. Meanwhile, renowned investor Peter Schiff predicts gold prices could surge significantly due to factors like soaring government debt, declining dollar value, and rising inflation. In the international market, gold futures saw a slight increase, but overall prices are subdued as investors await the Federal Reserve's latest policy meeting minutes. The stronger U.S. dollar and rising treasury yields have also put pressure on gold, with the market reacting to stronger-than-expected U.S. jobs data that dampened hopes for significant rate cuts by the Fed. Analysts suggest the geopolitical tensions and potential U.S. interest rate decisions could lead to volatility in gold prices, with some advising caution until market conditions stabilize.