Karachi, May 14, 2024 – Gold prices witnessed a notable decline in Pakistan on Tuesday, shedding Rs 1,200 per tola, in line with the downward trend observed in international markets.
In the local markets, the price of 24-karat gold per tola decreased to Rs 241,100, marking a significant drop from the previous day’s closing rate of Rs 242,300. Similarly, the price of 24-karat gold per 10 grams recorded a decline of Rs 943, reaching Rs 206,790 compared to the previous day’s closing of Rs 207,733.
Experts in the bullion market attributed the decrease in domestic gold prices to the slump witnessed in international markets. In global markets, the price of gold fell by $12, closing at $2,337 per ounce, down from the previous day’s closing rate of $2,349.
The decline in gold prices globally is influenced by various factors, including fluctuations in the value of the US dollar, changes in interest rates, geopolitical tensions, and investor sentiment. In recent days, a strengthening US dollar and optimism surrounding economic recovery have exerted downward pressure on gold prices, which are often viewed as a safe-haven asset during times of uncertainty.
While the decline in gold prices may be seen as a disappointment for investors and traders who have favored the precious metal as a hedge against inflation and market volatility, it presents an opportunity for consumers looking to purchase gold for personal or investment purposes at a lower price point.
Despite the recent dip in prices, gold remains a coveted asset with a long-standing history as a store of value and a symbol of wealth. Its allure continues to attract investors seeking diversification and stability in their portfolios, particularly during times of economic uncertainty.
As the bullion market continues to respond to global dynamics and market forces, investors and consumers alike will closely monitor price movements and trends to make informed decisions regarding their gold holdings and transactions.