Karachi, November 20, 2023 – The gold market in Pakistan experienced a day of stability as gold prices remained unchanged on Monday, November 20.
The All Sindh Sarafa Jewellers Association reported that the per Tola price of 24 karat gold stood firm at Rs. 215,000, reflecting a steady trend in the local market.
Investors and consumers observed no fluctuations in the precious metal’s value, as the price of 24-karat gold per 10 grams held at Rs. 184,414. Similarly, the price for 10 grams of 22-karat gold remained constant at Rs. 169,046. This lack of change in gold prices is attributed to various factors, including global market conditions, demand and supply dynamics, and currency fluctuations.
The All Sindh Sarafa Jewellers Association, a prominent body representing jewelers in the region, released a statement confirming the stable prices. The Association noted that despite the absence of movement in the local market, international gold prices experienced a marginal decrease of $2. The global price of gold slipped from $2,001 to $1,999, according to the latest market reports.
While the international market saw a slight dip, local gold prices in Pakistan remained resilient. Market analysts suggest that the steady prices may be a result of a balanced demand and supply scenario within the country. The jewelry market in Pakistan often responds to various global economic indicators, including inflation rates, geopolitical events, and currency exchange rates.
In addition to gold, silver prices also showed no signs of change on Monday. The per Tola price of silver held steady at Rs. 2,550, while the cost of 10 grams of silver remained at Rs. 2,186.21. This stability in silver prices aligns with the overall quiet day in the precious metals market in Pakistan.
The gold and silver market is closely monitored by investors, jewelers, and individuals alike, as these metals are not only used for ornamental purposes but are also considered safe-haven assets. The lack of volatility in gold and silver prices on November 20 provided a sense of assurance to market participants, who often look to these commodities for stability in times of economic uncertainty.
As the global economic landscape continues to evolve, market participants will closely watch for any potential changes in gold and silver prices. The All Sindh Sarafa Jewellers Association will continue to provide updates on market trends and fluctuations, ensuring that stakeholders are well-informed about the dynamics of the precious metals market in Pakistan.
