Karachi, November 5, 2024 – Gold prices in Pakistan saw a decline on Tuesday, dropping by Rs 500 per tola as global market conditions exerted downward pressure. The price of 24-karat gold now stands at Rs 283,200 per tola, a slight decrease from the previous day’s closing rate of Rs 283,700. This decrease follows a recent all-time high on October 30, 2024, when gold prices peaked at Rs 287,900 per tola.
In addition to the per tola drop, gold prices for 24-karat per 10 grams also fell by Rs 429, settling at Rs 242,798 from Monday’s rate of Rs 243,227. The trend reflects broader pressures in the international markets, which have shown a steady decline amid geopolitical tensions and economic uncertainties.
According to bullion market analysts, the dip in Pakistan’s gold prices is closely tied to the recent downward trends in the international markets. Global gold prices fell by $5 per ounce on Monday, closing at $2,737 from a previous price of $2,742. This volatility is attributed to ongoing geopolitical tensions in the Middle East, which have led to fluctuations in investor demand for safe-haven assets like gold.
Analysts suggest that geopolitical factors are leading to unpredictable movements in gold prices worldwide, with the Middle East crisis pushing investors to reevaluate their risk exposure. The resulting fluctuations have filtered down to domestic markets in Pakistan, impacting local gold rates. “Gold prices are highly sensitive to international developments, and the ongoing tensions have injected a level of unpredictability that affects both global and local markets,” said a market analyst.
Gold remains one of the most significant investment assets in Pakistan, especially during periods of economic instability. The recent decline offers a potential buying opportunity for local investors, though many remain cautious amid the global uncertainty. Analysts have advised investors to monitor the international situation closely, as further changes in global markets could continue to impact local prices.
This latest fluctuation in gold prices also reflects the complex dynamics of supply and demand influenced by international events. For now, Pakistan’s gold market is expected to remain sensitive to further global developments, with prices likely to react in line with international trends.
The Pakistan Mercantile Exchange and local market traders will continue to track these price changes, as international conditions evolve and investor sentiment adjusts. As Pakistan’s gold market adapts to these global pressures, analysts anticipate that prices could experience further variability, depending on the persistence of current geopolitical tensions.
