Karachi, July 30, 2024 – Gold prices in Pakistan saw a decline of Rs 400 on Tuesday, influenced by a slight dip in international markets. The price of 24-karat gold per tola fell to Rs 252,300, down from the previous day’s closing of Rs 252,700 in the local markets of Pakistan.
Similarly, the price of 24-karat gold per 10 grams recorded a decline of Rs 344, ending at Rs 216,306 compared to the last day’s closing of Rs 216,650 in domestic markets. The reduction in domestic gold prices mirrored the trends in international markets, where gold slipped by $2 to close at $2,388 per ounce, down from the previous day’s $2,390.
Bullion market experts attributed the fall in domestic gold prices to the slight decrease in international markets. “The dip in international gold prices has a direct impact on the local markets, leading to a reduction in prices here in Pakistan,” said a local gold trader. “Such fluctuations are common and reflect global market trends.”
The easing of gold prices comes amid a backdrop of global economic uncertainties and fluctuating demand. Internationally, gold prices are often influenced by a variety of factors, including interest rates, inflation expectations, and geopolitical events. In recent weeks, the market has experienced volatility as investors react to economic data and central bank policies.
In Pakistan, gold is a popular investment and a hedge against inflation. The local market closely follows global trends, with prices adjusted accordingly to reflect changes in the international bullion market. Despite the recent decline, gold remains a valuable asset for investors, offering a safeguard against currency devaluation and economic instability.
Looking ahead, market analysts suggest that gold prices may continue to experience fluctuations in response to international market dynamics. “The price of gold is highly sensitive to global economic indicators,” noted a financial analyst. “Any significant changes in international market conditions, such as shifts in central bank policies or geopolitical tensions, could influence gold prices both globally and locally.”
For now, consumers and investors in Pakistan are likely to watch the gold market closely, anticipating potential further movements in prices. While the recent decline offers a slight respite for buyers, the overall trend will depend on broader economic developments and international market conditions.