Karachi, December 13, 2024 – Gold prices in Pakistan experienced a sharp drop on Friday, falling by Rs 5,000 per tola, following a significant decline in the international gold markets. The price of 24-karat gold per tola ended at Rs 277,800, down from the previous day’s closing of Rs 282,800 in the local markets. This decline marks a notable shift after gold prices in Pakistan reached an all-time high of Rs 287,900 per tola on October 30, 2024.
In addition to the per tola decline, the price of 24-karat gold per 10 grams also saw a significant reduction of Rs 4,286, closing at Rs 238,169 compared to the previous day’s Rs 242,455. The drop in both per tola and per 10-gram prices reflects the broader impact of fluctuations in the international gold market.
Experts in the bullion market attribute this sharp decline in gold prices in Pakistan to a substantial fall in international gold prices. The international markets have been affected by a combination of factors, including ongoing tensions in the Middle East and instability in the global commodity markets. These factors have led to volatility in gold prices, which in turn has impacted local prices in Pakistan.
In the international markets, the price of gold fell by $50 per ounce, closing at $2,666, down from $2,716 the previous day. This reduction in the global price of gold has had a direct impact on domestic prices, with local gold traders adjusting their rates accordingly.
The fluctuations in gold prices are closely monitored by investors, traders, and consumers, as gold continues to be a popular investment option and a safe-haven asset in times of economic uncertainty. However, the volatility seen in recent days serves as a reminder of the unpredictability of the gold market, influenced by both global economic conditions and geopolitical events.
