PkRevenue.com – The gold prices witnessed a significant decline in the Karachi bullion market on Saturday, with a drop of Rs 1,400 per tola, influenced by a similar downward trend in international markets.
The 24-karat gold per tola fell to Rs 240,300, down from the previous day’s closing of Rs 241,700. This drop has also been reflected in the price of 24-karat gold per 10 grams, which decreased by Rs 1,200, settling at Rs 206,019 from the last day’s closing of Rs 207,219 in domestic markets.
The decrease in gold prices in Karachi is closely tied to movements in the global market. Internationally, gold prices fell by $16, ending at $2,326 per ounce, compared to the previous day’s closing of $2,342. This global decline has had a direct impact on local prices, as Pakistan’s gold market is heavily influenced by international trends.
Analysts in the Karachi bullion market explained that the recent drop in gold prices is primarily due to fluctuations in the global market. The international price of gold has been volatile, influenced by a variety of factors including economic data releases, changes in interest rates, and geopolitical developments. These factors contribute to the broader sentiment in the gold market, affecting prices worldwide, including in Pakistan.
“The decline in international gold prices is the main reason for the decrease in domestic prices,” said a local bullion market analyst. “Global economic conditions, including the recent strength of the US dollar and expectations of further interest rate hikes by major central banks, have put pressure on gold prices.”
Gold is often seen as a safe haven investment, particularly during times of economic uncertainty. However, when interest rates rise, non-yielding assets like gold become less attractive to investors, leading to declines in its price.
The drop in gold prices comes amid a period of economic challenges for Pakistan, with inflation and currency depreciation affecting the purchasing power of consumers. Despite the decline, gold remains a valuable asset for investors looking for stability and security in their portfolios.
As the global economic landscape continues to evolve, market participants will be closely watching for further movements in gold prices, both internationally and domestically.
