Karachi, December 7, 2024 – Gold prices in Pakistan recorded a drop of Rs 300 per tola on Saturday, reflecting a downward trend in international markets.
The price of 24-karat gold per tola fell to Rs 274,400, down from the previous day’s closing rate of Rs 274,700 in local markets. Similarly, the rate for 24-karat gold per 10 grams decreased by Rs 257, settling at Rs 235,254 compared to the prior closing price of Rs 235,511. Despite this decline, gold prices remain significantly high, with Pakistan’s record peak of Rs 287,900 per tola reached on October 30, 2024.
According to bullion market analysts, the reduction in gold prices locally mirrors fluctuations in global markets, where the precious metal experienced a modest decline. In the international market, gold prices dropped by $3 per ounce, falling to $2,632 from the previous day’s rate of $2,635.
Experts attribute the dip in global gold prices to a combination of factors, including easing geopolitical tensions in the Middle East and shifting trends in the global commodity market. These developments have had a direct impact on the demand and pricing of precious metals worldwide, ultimately influencing local markets.
The gold market in Pakistan remains closely tied to international trends due to the country’s reliance on imports for precious metals. Market analysts pointed out that fluctuations in the value of the Pakistani rupee against the US dollar further amplify these impacts. The rupee’s performance plays a critical role in determining the final price consumers pay for gold in domestic markets.
Despite the recent dip, gold remains a preferred investment avenue for many in Pakistan, particularly during periods of economic uncertainty. With ongoing global economic shifts and geopolitical dynamics, market watchers anticipate continued volatility in gold prices.
The decline offers a slight respite for buyers, but experts caution that any sharp changes in global markets or currency fluctuations could lead to renewed price hikes. Buyers are advised to monitor market trends closely.