Karachi, July 11, 2024 – The price of gold continued its downward trend on Thursday, falling to Rs 246,800 per tola in Pakistan, in line with global market movements. The 24-karat gold per tola saw a decrease of Rs 1,200 from the previous day’s closing price of Rs 245,600 in local markets.
Similarly, the price of 24-karat gold per 10 grams dropped by Rs 1,029, settling at Rs 211,591 from the prior day’s closing of Rs 210,562 in Pakistan’s domestic markets.
Analysts attribute this decline in domestic gold prices to the corresponding decrease in international markets. On the global stage, gold prices slipped by $10, reaching $2,362 from the previous day’s closing of $2,372.
The persistent decline in gold prices can be linked to several factors, including fluctuations in international market trends, changes in investor sentiment, and varying levels of demand and supply. Investors worldwide have been adjusting their positions amid shifting economic indicators and geopolitical events, impacting the overall sentiment towards precious metals.
In Pakistan, the local gold market closely follows international trends, making it susceptible to global price movements. The recent decline reflects broader market conditions where gold prices are reacting to a mix of economic data, interest rate expectations, and currency fluctuations.
Economic analysts suggest that the current trend in gold prices may continue in the short term, influenced by ongoing developments in the global economic landscape. Factors such as inflation rates, central bank policies, and geopolitical tensions play significant roles in determining the direction of gold prices.
For Pakistani consumers and investors, the decline in gold prices presents a mixed scenario. While lower prices may benefit buyers looking to purchase gold for personal use or investment, it also reflects broader economic challenges that could impact the overall market stability.
As gold remains a popular investment choice in Pakistan, especially as a hedge against inflation and currency devaluation, market participants will closely monitor international trends and domestic economic indicators to gauge future price movements. The interplay between global market dynamics and local factors will continue to shape the outlook for gold prices in Pakistan.