Karachi, October 24, 2024 – Gold prices in Pakistan finally saw a decline on Thursday, ending a seven-day record-breaking streak. The price of 24-karat gold per tola dropped by Rs 2,300, closing at Rs 283,100, down from the previous day’s all-time high of Rs 285,400.
Similarly, the price of 24-karat gold per 10 grams saw a decrease of Rs 1,971, closing at Rs 242,713, compared to Wednesday’s Rs 244,684. The fall in domestic gold prices comes as a relief for local buyers who had witnessed gold climbing to unprecedented levels over the past week.
Market analysts have attributed this price correction to a decline in international gold markets, where the precious metal saw a sharp drop. Gold prices in the global market fell by $23, settling at $2,734 per ounce from the previous day’s $2,757.
The recent decline comes after a week of sustained gains in gold prices, driven by various factors, including global economic uncertainties and fluctuating demand in international markets. In Pakistan, gold prices had been continuously rising, setting new records almost daily, which had prompted concerns among consumers, particularly those engaged in the jewelry trade and investors seeking safe-haven assets.
Local bullion traders and market experts believe the decline in the international market was a key driver of the price drop in Pakistan. A weaker demand for gold internationally, coupled with fluctuations in the value of the U.S. dollar, contributed to the downward movement.
Despite the recent dip, experts predict that gold prices may remain volatile in the coming days. “The recent pullback is reflective of global trends, but given the uncertain global economic outlook and inflation concerns, gold remains a valuable asset for investors seeking safety,” said a local bullion trader.
Pakistan’s gold market is highly influenced by international prices, and fluctuations in the global economy often impact local prices. Over the past few weeks, rising gold prices have been driven by concerns over geopolitical tensions, inflation, and currency volatility, pushing investors to turn to gold as a safe haven.
As of now, consumers and traders will be closely monitoring the international markets to gauge the future direction of gold prices. For now, the decline offers temporary relief, but with ongoing global uncertainties, further price movements remain unpredictable.