Karachi, October 15, 2024 – Gold prices in Pakistan experienced a notable decline on Tuesday, with rates dropping by Rs 700 per tola, closing at Rs 275,500.
This marks a decrease from the previous day’s closing price of Rs 276,200 in domestic markets. The dip has caused some stir among investors and buyers, as the gold market in Pakistan continues to display volatility.
This decline follows a record-breaking high on September 26, 2024, when gold prices soared to an all-time high of Rs 277,000 per tola. Since reaching this peak, the bullion market has been characterized by fluctuations, reflecting the changing dynamics of both local and international gold markets.
In addition to the fall in tola prices, the cost of 10 grams of gold also dropped by Rs 600, settling at Rs 235,768. This is down from the previous day’s rate of Rs 236,368, further indicating a downward trend in gold prices across the country.
Experts in the bullion market attribute this recent slide to changes in the global gold market. In the international market, gold slipped by $6 per ounce, closing at $2,653, down from the previous day’s rate of $2,659 per ounce. This dip on the global stage has had a direct impact on local prices in Pakistan, with international trends often playing a significant role in determining the value of gold domestically.
Gold has long been considered a safe haven asset, particularly during times of economic uncertainty. The precious metal is favored by investors looking to hedge against inflation and currency devaluation. However, its price is highly sensitive to movements in international markets, changes in demand, and shifts in the value of the US dollar, among other factors.
The recent fluctuations in gold prices may influence purchasing decisions for consumers in Pakistan, especially those looking to buy for weddings or other special occasions. While the current drop offers a respite from the record highs seen just a few weeks ago, it remains to be seen whether this downward trend will continue or if gold prices will stabilize in the coming days.
Market observers are closely watching both local and global conditions, as further movements in the price of gold are expected to remain linked to developments in international financial markets.
For now, the drop in gold prices provides a window of opportunity for potential buyers, while investors remain cautious amidst the continuing volatility.