Karachi, December 16, 2024 – Gold prices in Pakistan witnessed a decline on Monday, with a reduction of Rs 800 per tola, reflecting the downward trend in international bullion markets. The price of 24-karat gold per tola fell to Rs 277,000 from the previous close of Rs 277,800 in local markets.
Similarly, the price of 24-karat gold per 10 grams dropped by Rs 687, settling at Rs 237,482 compared to the prior closing of Rs 238,169. This marks a significant shift from the record high of Rs 287,900 per tola recorded on October 30, 2024, signaling a cooling trend in the domestic gold market.
Analysts in the bullion market attributed the decrease in gold rates to developments in international markets. Global gold prices fell by $8 per ounce, ending at $2,658 compared to the previous close of $2,666. This decline reflects ongoing volatility driven by geopolitical tensions in the Middle East and fluctuating commodity prices worldwide.
The fall in international gold prices often has a direct impact on the local market due to Pakistan’s heavy reliance on imported gold. As the global rates ease, domestic prices tend to follow suit. However, the extent of the price change in Pakistan is also influenced by the rupee-dollar exchange rate and local market dynamics.
According to market experts, the current dip in gold prices could encourage buyers who had been sidelined due to historically high prices. Jewelers expect an uptick in consumer demand, particularly as the wedding season is in full swing. This trend may provide temporary relief for the local gold market, which has faced subdued trading activity in recent months due to elevated rates.
Despite the recent decline, analysts caution that gold prices could remain unpredictable in the near term. Factors such as geopolitical developments, shifts in international interest rates, and fluctuations in the global dollar index are likely to influence future trends.
For now, gold investors and consumers in Pakistan are closely monitoring both local and international markets as they navigate this period of price adjustments.