Karachi, December 27, 2024 – The gold prices in Pakistan witnessed a decline on Friday, falling by Rs 800 per Tola due to a downward trend in international markets. This brings some relief to local buyers, especially those preparing for weddings and other events requiring gold purchases.
The price of 24-karat gold per Tola dropped to Rs 273,200 from the previous day’s closing of Rs 274,000 in the domestic market. Similarly, the price of 24-karat gold per 10 grams also decreased by Rs 686, settling at Rs 234,225 compared to the previous day’s rate of Rs 234,911.
This reduction marks a notable shift since October 30, 2024, when gold prices in Pakistan reached their highest-ever level of Rs 287,900 per Tola. Such fluctuations in gold prices often reflect global trends and economic shifts, making the yellow metal a key indicator of financial stability.
Bullion market experts have linked the recent fall in local gold prices to easing trends in the international market. Globally, gold prices dropped by $8 per ounce, closing at $2,620 compared to the previous day’s rate of $2,628 per ounce. This decline is attributed to factors such as a stronger US dollar and expectations of stable interest rates from central banks, which reduce gold’s appeal as a safe-haven asset.
For Pakistan, gold prices are also influenced by the exchange rate between the Pakistani rupee and the US dollar. The recent relative stability in the rupee’s value may have contributed to cushioning the impact of global fluctuations.
Despite the current decline, analysts believe that gold prices could remain volatile due to ongoing uncertainties in the global economic landscape. Factors such as geopolitical tensions, inflation concerns, and central bank policies are expected to continue shaping gold’s movement in the coming months.
In Pakistan, gold remains a popular investment and a cultural symbol of wealth. While lower prices offer a temporary reprieve for buyers, market participants are advised to stay updated on trends to make informed decisions regarding their investments or purchases.
