The price of gold dropped below $4,000 an ounce on Wednesday for the first time since November on expectations of higher US interest rates.
Gold slipped 3.4% to $3,978.67 an ounce, as higher rates make the dollar and US government bonds more attractive as safe-haven assets than the precious metal.
The latest decline follows broader weakness in global bullion markets, where gold prices fell amid a stronger US dollar and growing expectations that the US Federal Reserve could keep monetary policy tighter for longer.
Spot gold fell 1.1% to $4,142.61 per ounce, while US gold futures for August delivery declined 1% to $4,160.20.
Other precious metals also recorded losses, with spot silver dropping 3.3% to $63.05 per ounce. Platinum fell 1.9% to $1,646.30, while palladium slipped 1.8% to $1,242.75, reflecting broader weakness across the precious metals market.
In Pakistan, gold imports declined sharply during the first 11 months of the current fiscal year, reflecting subdued demand and tighter external sector conditions.
According to Pakistan Bureau of Statistics (PBS) data, gold imports fell 47.79% to $16.09 million during July-May 2025-26, compared with $30.82 million in the same period a year earlier.
In volume terms, gold imports dropped 21.65% to 306 kilograms from 391 kilograms in the corresponding period last year.
However, imports showed signs of recovery in May, rising to $3.04 million from $0.93 million a year earlier, while volumes increased to 20 kilograms from nine kilograms. On a monthly basis, May imports were also higher than April's $2.37 million and 15 kilograms.
