Karachi, November 28, 2024 – Gold prices in Pakistan dropped by Rs 700 per tola on Thursday, reflecting the downward trends in international bullion markets.
The price of 24-karat gold per tola settled at Rs 275,200, compared to the previous day’s rate of Rs 275,900 in local markets. Similarly, the price of 24-karat gold per 10 grams decreased by Rs 600, closing at Rs 235,940 from the prior day’s rate of Rs 236,540.
Gold prices in Pakistan have experienced notable fluctuations in recent months, peaking at a record high of Rs 287,900 per tola on October 30, 2024. Since then, prices have seen a mix of corrections and volatility, influenced by global and domestic market dynamics.
Bullion market analysts attribute this latest decline to easing trends in the global gold market, where prices dropped by $7 per ounce. Gold in the international market closed at $2,640 per ounce, down from the previous day’s closing of $2,647 per ounce. The dip comes amid ongoing uncertainty over geopolitical tensions in the Middle East, which continue to affect global commodity prices.
Experts highlighted that the Middle East situation has kept gold prices volatile, as investors alternate between seeking safe-haven assets and responding to shifting economic signals. In recent days, a relative stabilization in the region and strengthening of other asset classes have contributed to the softening of gold prices.
Domestically, the fluctuation in gold prices also reflects currency movements and the level of demand within Pakistan’s jewelry and investment markets. As the rupee has shown some stability against the dollar in recent weeks, the pressure on imported commodities like gold has eased.
While the decline offers some relief to buyers, analysts caution that global factors, such as inflation trends and geopolitical developments, will continue to influence gold prices in the near term. Investors are advised to monitor international markets closely for further cues on price movements.
