Karachi, December 12, 2023 – The gold fell to Rs 213,600 per Tola in Pakistan on Tuesday following significant decline in the global markets.
The significant decline was attributed to a global market downturn, causing ripples in the local markets.
The 24-karat gold per tola experienced a notable drop of Rs 1,800, settling at Rs 213,600 compared to the previous day’s closing of Rs 215,400 in the local markets. Similarly, the 24-karat gold per 10 grams followed suit, witnessing a decrease of Rs 1,543 to reach Rs 183,128 from the previous day’s closing of Rs 184,671.
Financial analysts pointed to the sharp decline in global markets as the primary driver behind the local price decrease of the precious metal. The interconnected nature of the international financial landscape meant that developments in major economies had a direct impact on commodity prices, including gold.
In the global markets, gold recorded a decline of $13, ending the day at $2,005 per ounce. This marked a significant drop from the previous day’s closing figure of $2,018. The decrease in gold prices internationally further exacerbated the situation in Pakistan, contributing to the local decline.
Investors and traders closely monitored the global economic climate, with geopolitical tensions and economic uncertainties playing a pivotal role in influencing market sentiments. The decline in gold prices was seen as a response to shifting investor preferences and risk aversion strategies.
Gold, often considered a safe-haven asset, tends to experience increased demand during times of economic uncertainty. Conversely, when markets show signs of stability, investors may shift their focus to other investment opportunities, resulting in a decrease in gold prices.
The local gold market is expected to remain sensitive to global economic developments, with fluctuations in international prices having a direct impact on the domestic market. Analysts are advising investors to stay vigilant and adapt their strategies to navigate the volatile market conditions.
The decline in gold prices serves as a reminder of the interconnectedness of global financial markets and the influence of external factors on local economies. As Pakistan navigates these fluctuations, market participants will continue to monitor global trends for insights into potential shifts in the precious metal’s value.
The fall of gold prices to Rs 213,600 per tola in Pakistan on December 12 reflects the broader trends in the global markets, underlining the importance of staying informed and adaptable in the ever-changing landscape of international finance.
