Karachi, December 19, 2024 – Gold prices in Pakistan experienced a significant drop on Thursday, reaching Rs 273,300 per tola, driven by a notable decrease in international market rates. This decline marks a sharp correction in the precious metal’s value within the domestic market.
The price of 24-karat gold per tola fell by Rs 2,600 from the previous day’s closing of Rs 275,900. Notably, Pakistan recorded its all-time high gold price of Rs 287,900 per tola on October 30, 2024. Meanwhile, the 24-karat gold price per 10 grams also witnessed a steep decline of Rs 2,229, settling at Rs 234,311 compared to the previous close of Rs 236,540 in the local markets.
Market experts attribute this downturn in gold prices to fluctuations in international bullion markets. According to analysts, global economic uncertainty and fluctuating commodity prices have had a cascading effect on gold rates in Pakistan. The international gold market witnessed a decrease of $26 per ounce, with prices falling from $2,647 to $2,621 per ounce on Thursday.
The decline in gold prices has sparked mixed sentiments among investors and traders in Pakistan. While some view it as a temporary correction influenced by global market trends, others consider it an opportunity for potential buyers to invest in the precious metal at reduced rates.
Gold has traditionally been regarded as a safe-haven asset, particularly during periods of economic uncertainty. In Pakistan, demand for gold typically surges during the wedding season and festive periods. However, the current price volatility has left many buyers and sellers cautious about making significant transactions.
Experts suggest that the recent dip in international gold prices is linked to the strengthening of the US dollar and shifting investor focus towards other assets such as equities. These global factors, combined with local economic dynamics, continue to influence the pricing of gold in Pakistan’s bullion markets.
As global markets remain volatile, analysts anticipate further fluctuations in gold prices. For now, the decrease provides a momentary respite for domestic buyers, while market participants closely monitor international trends to gauge future movements.