The All Sindh Sarafa Jewellers Association reported on Thursday that the price of 24 karat per tola gold sold at Rs276,800 compared to its sale at Rs.282,200 on last trading day.

The association further reported that the price of 10 grams of 24 karat gold also decreased by Rs4,630 to Rs237,311 from Rs241,941. It added that the price of 10 gram 22 karat gold went down to Rs. 217,535 from Rs. 221,780.

According to FX Stree, gold bounced back into the $2,670s after falling three percent on the previous day when now President-elect Donald Trump secured a victory in the US presidential election. 

On Wednesday, gold’s steep decline was partly a result of the US Dollar (USD) strengthening due to Trump’s Dollar-positive economic agenda and preference for pro-tariff protectionism, it reported. Since Gold is mainly priced and traded in USD, the stronger Dollar had an immediate negative impact on its price, it noted.

Trump won the presidency by passing the 270 electoral votes threshold. On Thursday, Trump has 295 votes to Harris’ 226, according to the Associated Press. The Republican party also has a majority in the United States (US) Senate – 52 over 44 – and is in the lead to win a majority in the US Congress, with 206 seats versus the Democrat’s 191 so far, although 38 have still to be called.