Karachi, August 12, 2023 – Gold prices in Pakistan experienced a notable drop of Rs 600 on Saturday, influenced by the anticipated decline in global markets.
The price of 24 karats per tola of gold decreased to Rs 221,800 in the local markets, representing a significant downward shift. Similarly, the price of 24 karat gold per 10 grams saw a decline of Rs 514, closing at Rs 190,158.
READ MORE: Gold Rates Drop in Pakistan on August 11
Analysts are attributing this drop in the prices of the precious metal to the corresponding fall in the international markets. Specifically, the price of gold dipped by $4, ending at $1,914 per ounce. This decline in the global gold market appears to have directly impacted the local prices, leading to a reduction in gold rates in Pakistan.
READ MORE: Gold Rates Increase by Rs 600 on August 10, 2023 in Karachi
Gold prices are often influenced by a variety of factors, including global economic trends, geopolitical developments, inflation expectations, and shifts in investor sentiment. The recent decrease in gold rates in Pakistan could be seen as a response to the broader economic conditions and market expectations.
READ MORE: Gold Prices in Pakistan Rise Despite Rupee’s Rebound
It’s essential to note that the fluctuation in gold prices is a common occurrence, and investors and consumers closely monitor these changes. As the global market dynamics continue to evolve, future gold prices in Pakistan and around the world will be subject to various influencing factors, and market participants will be closely watching these developments.
READ MORE: Gold Prices in Pakistan Decline to Rs 221,100 per Tola
