Karachi, October 25, 2024 – Gold prices in Pakistan fell by Rs 800 per tola on Friday as the precious metal mirrored a downward trend in international markets. The price of 24-karat gold dropped to Rs 282,300 per tola, down from the previous day’s closing rate of Rs 283,100, marking the second consecutive day of declines in local markets.
In addition, the 10-gram rate for 24-karat gold also saw a decline, slipping by Rs 686 to settle at Rs 242,027 from the previous closing of Rs 242,713 in Pakistan. This recent dip follows a record high of Rs 285,400 per tola, reached just two days earlier on October 23, 2024, showing a volatile trend influenced by both local and international factors.
Bullion market experts in Pakistan attribute the price drop to the global gold market’s softening. The international gold price fell by $8, closing at $2,726 per ounce compared to the previous day’s $2,734. Global investors appear to be taking a cautious approach, as they assess factors such as the US dollar’s strength, anticipated interest rate adjustments, and broader economic uncertainties.
Analysts also highlight the potential impact of economic indicators on gold’s performance, both globally and locally. With global economic conditions affecting investor sentiment and currency values, the allure of gold as a safe-haven investment may be experiencing shifts. In Pakistan, the recent weakening of gold reflects this broader economic recalibration, potentially influenced by dollar fluctuations and supply considerations within the local market.
“International market pressures play a crucial role in determining gold prices in Pakistan,” commented a local bullion trader. “With prices easing globally, we are witnessing a mirrored effect locally. The market has seen significant highs recently, so this decline might also be part of a natural correction.”
Gold remains a favored asset among investors in Pakistan, often considered a hedge against inflation and currency devaluation. This latest decrease could encourage buyers who previously hesitated due to high prices. Meanwhile, market experts continue to monitor potential shifts in the global economy and monetary policy that could affect the metal’s trajectory.
With the ongoing uncertainties and rapid changes in the international gold market, Pakistan’s gold prices are likely to remain sensitive to global influences in the near term.