Karachi, September 30, 2024 – Gold prices in Pakistan continued to decline for the third straight day on Monday, reflecting a decrease in the international markets.
The price of 24-karat gold per tola (approximately 11.66 grams) dropped by Rs 500, bringing the rate down to Rs 275,500. This marks a fall from the previous Saturday’s closing price of Rs 276,000.
Just a few days ago, on September 26, 2024, gold prices reached an all-time high of Rs 277,000 per tola. However, since then, prices have consistently fallen as the market experiences a downward trend.
Similarly, the price of 24-karat gold per 10 grams also witnessed a decline. It dropped by Rs 428, closing at Rs 236,197, compared to the previous rate of Rs 236,625.
Experts in the bullion market pointed out that this decline in gold prices in Pakistan is mainly due to a dip in the international gold markets. The global price of gold decreased by $4, settling at $2,653 per ounce, compared to the prior closing of $2,657. This downward shift in international markets has had a direct impact on local gold rates.
Gold prices often fluctuate based on international trends, currency exchange rates, and local demand. As Pakistan is heavily reliant on imports for gold, any changes in the global market are quickly reflected in domestic prices. The recent drop in global gold prices has given some relief to buyers, particularly those looking to invest in gold or purchase it for weddings and other special occasions.
Despite the recent dip, gold remains a popular investment in Pakistan due to its long-term value and stability compared to other assets. Many buyers in the country turn to gold as a hedge against inflation and currency devaluation.
While the current decline in prices may attract potential buyers, market analysts remain cautious about predicting future trends. Gold prices are known for their volatility, and changes in the international market, including economic policies and geopolitical factors, could quickly reverse the current downward trend.
For now, the market continues to watch global developments, and buyers remain hopeful for more stable and favorable prices in the coming days.
