Karachi, October 1, 2024 – Gold prices in Pakistan continued their downward trend on Tuesday, marking the fourth consecutive day of decline. The price of 24-karat gold per tola settled at Rs 274,900, a decrease of Rs 600 from the previous day’s close of Rs 275,500. This prolonged decline follows the record-breaking all-time high of Rs 277,000 reached on September 26, 2024.
Similarly, the price of 24-karat gold per 10 grams also saw a notable reduction, dropping by Rs 515 to settle at Rs 235,682, down from Rs 236,197 in the domestic markets of Pakistan. The continued dip in gold prices has created a sense of anticipation among investors and market analysts, with many awaiting potential stabilization or further declines in the near future.
Market experts have largely attributed this sustained decrease to declining trends in the international gold markets, which have exerted downward pressure on prices in Pakistan. On the global stage, gold prices fell by $6, closing at $2,647 per ounce compared to the previous day’s close of $2,653. The international drop has had a ripple effect on the domestic market, exacerbating the local downturn.
Analysts believe that the dip in gold prices is closely tied to various global factors, including strengthening of the US dollar, shifting economic conditions, and anticipation of tighter monetary policies by major central banks. These factors have impacted the appeal of gold as a safe-haven asset, leading to a slowdown in demand and contributing to the price drop.
Despite this ongoing decline, some market participants remain cautiously optimistic, suggesting that gold prices could stabilize in the near future, depending on fluctuations in the international market and domestic economic conditions. However, with gold prices having reached historic highs just a week ago, the recent downturn is a stark reminder of the volatility inherent in precious metal markets.
For now, investors are closely monitoring both local and international trends to determine whether this slump will persist or if gold prices will rebound in the coming days. As global economic uncertainties loom, the trajectory of gold prices remains a critical point of interest for both traders and consumers alike in Pakistan.
