Karachi, October 10, 2024 – Gold prices in Pakistan experienced a significant drop of Rs 5,800 per tola from their all-time high of Rs 277,000 on September 26, 2024. This marked a notable decline in the precious metal’s value after reaching record levels just weeks ago.
On Thursday, the price of 24-karat gold per tola fell to Rs 271,200 from the previous day’s closing price of Rs 271,700 in local markets across the country. Similarly, the price of 24-karat gold per 10 grams witnessed a reduction of Rs 429, closing at Rs 232,570, down from Rs 232,939 the previous day.
Bullion market experts have attributed this steady decline in gold prices to easing trends in international markets. The price of gold in global markets fell by $4, closing at $2,613 per ounce, down from the previous day’s close of $2,617 per ounce. This weakening in international gold prices has directly impacted the domestic markets in Pakistan, causing a consistent drop over the past several days.
The current decline comes after a prolonged period of sharp increases in gold prices that had been driven by inflation fears, currency depreciation, and increased demand for safe-haven assets globally. In Pakistan, gold prices had skyrocketed to unprecedented levels in September, fueled by uncertainty in the international economic landscape and volatility in global financial markets.
However, with recent stabilization in the global economy and easing inflationary pressures, investors have begun to shift their focus away from gold, leading to a softening of demand. According to market analysts, if these global trends continue, further declines in gold prices may be expected in the coming weeks.
Domestic factors such as currency fluctuation and geopolitical uncertainties also play a role in shaping gold prices in Pakistan. The Pakistani rupee’s performance against the US dollar and changes in the country’s economic outlook are key influencers of gold’s value in local markets.
Despite the recent dip, gold continues to be regarded as a stable store of value, particularly in uncertain economic times. Analysts suggest that while prices may fluctuate in the short term, gold remains a popular investment choice for long-term security.
As of now, market observers will closely monitor both local and international trends to gauge future movements in gold prices in Pakistan.