Karachi, December 20, 2024 – Gold prices in Pakistan experienced a sharp decline on Friday, dropping by Rs 2,000 per Tola due to a slide in international market trends.
The price of 24-karat gold fell to Rs 271,300 per Tola, down from the previous day’s closing of Rs 273,300 in the local bullion markets. This marks a significant movement, with prices still trailing the all-time high of Rs 287,900 per Tola recorded on October 30, 2024.
Similarly, the price of 24-karat gold per 10 grams fell by Rs 1,715, reaching Rs 232,596 compared to the previous day’s rate of Rs 234,311. This decline in domestic prices aligns closely with global market trends, where gold saw a dip of $20 per ounce. Internationally, the price of gold settled at $2,601 per ounce, down from $2,621 the day before.
Bullion market analysts have attributed the decline in gold prices in Pakistan to the ongoing volatility in international commodity markets. A combination of factors, including geopolitical tensions in the Middle East and fluctuations in the global economy, has made gold prices increasingly unpredictable. The recent dip reflects not only the easing of international demand but also speculative adjustments in global trading platforms.
Despite this decline, gold remains a popular choice for investment and savings in Pakistan, particularly in times of economic uncertainty. The domestic market often mirrors international trends, and any fluctuations in the global price of gold have a direct impact on local rates.
Experts suggest that the downward trend in gold prices may provide a temporary opportunity for buyers in the local market. However, they also caution that continued instability in the international market could lead to further price fluctuations.
In conclusion, the Rs 2,000 per Tola decrease in gold prices underscores the influence of global market dynamics on the local bullion market. Investors and consumers are advised to monitor these trends closely, as international market volatility continues to play a pivotal role in determining domestic gold rates.