Gold Falls for 4th Straight Day in Pakistan, Reaches Rs 240,200

Gold Falls for 4th Straight Day in Pakistan, Reaches Rs 240,200

Karachi, May 24, 2024 – The price of gold in Pakistan continued its downward trajectory for the fourth straight day on Friday, driven by a persistent decline in international markets.

The 24-karat gold per tola (11.66 grams) recorded a substantial drop of Rs 1,800, closing at Rs 240,200, down from the previous day’s closing price of Rs 242,000. This ongoing decrease follows a peak of Rs 250,400 on May 20, 2024, marking a significant decline over the past four trading sessions.

Similarly, the price of 24-karat gold per 10 grams fell by Rs 1,543, settling at Rs 205,933 compared to the previous day’s price of Rs 207,476 in the local market.

Analysts attribute this sharp decline in domestic gold prices to the significant fall in the international market. On the global stage, gold prices dropped by $17, ending at $2,338 per ounce, down from $2,355 the previous day.

Market analysts at the bullion exchange noted that the international market’s volatility is primarily due to multiple economic factors, including fluctuations in the US dollar, changes in global interest rates, and investor sentiments shifting towards riskier assets. These international dynamics have a direct impact on local markets, leading to the observed decline in gold prices in Pakistan.

The current trend has left local investors and jewelers cautious, as the continuous drop in prices affects both investment strategies and consumer behavior. Jewelers in Karachi reported a noticeable decline in gold purchases, with buyers adopting a wait-and-see approach in anticipation of further price reductions.

Despite the downward trend, experts suggest that gold remains a relatively safe investment in the long term, offering a hedge against inflation and currency depreciation. They recommend that potential investors monitor the market closely and consider long-term perspectives rather than reacting to short-term fluctuations.

As the international market remains unstable, the future of gold prices in Pakistan is uncertain. Market watchers are keenly observing global economic indicators and policy decisions by major economies that could influence the price movements of precious metals.

In the meantime, stakeholders in the gold market are bracing for further developments, hoping for a stabilization in the near future that could restore confidence among investors and consumers alike.