Karachi, October 3, 2024 – Gold prices in Pakistan saw a significant decline on Thursday, with rates dropping by Rs 1,100 per tola, reflecting a global downturn in precious metal markets.
According to the latest figures from the domestic bullion market, the price of 24-karat gold settled at Rs 274,400 per tola, compared to the previous day’s close of Rs 275,500.
The latest drop follows a period of volatility in the gold market, which saw the precious metal hit an all-time high of Rs 277,000 per tola on September 26, 2024. Since reaching this peak, gold prices have fluctuated, influenced by both local demand and international market trends.
In addition to the per tola price, the cost of 24-karat gold per 10 grams also witnessed a notable decline. The price fell by Rs 943, bringing the rate down from Rs 236,197 to Rs 235,254 in local markets.
Experts in the bullion trade have pointed to a combination of global and domestic factors behind the recent decline in gold prices. A decrease in international gold prices has played a significant role in dragging down local rates. The price of gold on the international market dropped by $11, with the metal closing at $2,642 per ounce, down from the previous day’s close of $2,653.
The fluctuations in gold prices are largely tied to global market dynamics, particularly as investors and traders react to economic conditions, currency strength, and shifts in demand for safe-haven assets like gold. In recent months, global gold prices have been impacted by factors such as inflation concerns, interest rate adjustments by major central banks, and geopolitical uncertainty.
Despite the recent drop, gold remains a favored investment in Pakistan, where it is often seen as a hedge against inflation and currency devaluation. The country’s gold market has historically been influenced by global trends, but domestic factors such as demand for jewelry, the strength of the Pakistani rupee, and local economic conditions also contribute to price movements.
As global markets continue to experience volatility, analysts expect the price of gold in Pakistan to remain sensitive to further fluctuations in international rates. Traders and investors will be closely watching for any developments that could affect the precious metal’s standing in both local and international markets.