Karachi, November 26, 2024 – Gold prices in Pakistan experienced a sharp drop on Tuesday, plummeting by Rs 4,100 per tola due to a significant decrease in international market rates. This marks one of the steepest single-day declines in recent weeks.
The price of 24-karat gold per tola closed at Rs 274,300, down from the previous day’s rate of Rs 278,400 in local markets. Similarly, the price of 24-karat gold per 10 grams fell by Rs 3,515, settling at Rs 235,168 compared to Monday’s Rs 238,638.
Gold prices in Pakistan have seen considerable fluctuations in recent weeks. The highest price on record was Rs 287,900 per tola on October 30, 2024. However, since reaching this peak, prices have remained volatile, reflecting global trends and domestic economic pressures.
The decline in domestic gold prices is largely attributed to a significant drop in international gold rates. On Tuesday, gold prices in the global market fell by $41, closing at $2,631 per ounce, down from the previous day’s $2,672.
Bullion market experts have pointed to easing geopolitical tensions in the Middle East as a primary factor driving the decline. A reduction in uncertainty and risk in global markets has decreased investor demand for gold, traditionally seen as a safe-haven asset during times of crisis.
The drop in gold prices offers some relief to local buyers, especially in the lead-up to the wedding season, when demand for gold typically surges. However, experts caution that gold prices could remain unpredictable, influenced by both global economic conditions and fluctuations in the value of the Pakistani rupee.
The sharp decrease may also impact local investors who rely on gold as a hedge against inflation. With international markets in flux, traders and buyers in Pakistan are keeping a close watch on global developments to anticipate future trends.
As the year-end approaches, analysts suggest monitoring geopolitical and economic factors closely, as they are likely to determine the direction of gold prices in both local and global markets.
