Karachi, November 6, 2024 – Gold prices in Pakistan dropped on Wednesday, with rates for 24-karat gold falling to Rs 282,200 per tola. The decline, a reduction of Rs 1,000 from the previous day’s closing rate of Rs 283,200 per tola, reflects easing trends in international gold markets.
Gold in Pakistan had reached an all-time high of Rs 287,900 per tola on October 30, 2024. However, the market has since experienced a decline as global market trends shifted. Additionally, the 24-karat gold price for 10 grams fell by Rs 857, settling at Rs 241,941, compared to the previous close of Rs 242,798 in domestic markets.
Analysts in Pakistan’s bullion markets attribute this recent drop to the softening of international gold prices. The global gold rate decreased by $10 per ounce, bringing it to $2,727 from the previous day’s close of $2,737. Several factors contributed to this volatility, including ongoing geopolitical tensions in the Middle East and heightened uncertainty surrounding the U.S. elections.
“Gold prices have been highly sensitive to global political and economic developments,” noted a Karachi-based bullion analyst. “The recent easing in international rates has influenced local prices, but further fluctuations could occur given the market’s sensitivity to global conditions.”
The recent surge in gold prices had been driven by concerns over inflation, demand for safe-haven assets, and geopolitical uncertainties. However, as the international market shows signs of stabilizing, prices in Pakistan’s bullion markets are adjusting accordingly. This trend reflects the interconnected nature of Pakistan’s gold market with global forces, particularly as the demand for gold as a hedge against economic instability remains a key driver.
For local investors and buyers, the recent dip in prices might present a buying opportunity, though the continued influence of global tensions suggests caution. With the international gold market still reacting to ongoing geopolitical shifts, further volatility is anticipated in the short term.
In summary, the decrease in Pakistan’s gold prices aligns with global market patterns. As international gold prices stabilize, Pakistani markets are likely to experience similar trends. However, factors such as the geopolitical climate and U.S. election outcomes will remain critical to determining the direction of gold prices in the near future.
