Karachi, May 23, 2024 — In a significant turn of events, gold prices in Pakistan plummeted by Rs 6,200 per tola on Thursday, reflecting a major decline due to a sharp drop in international markets.
The price of 24-karat gold per tola fell to Rs 242,000 from the previous day’s closing price of Rs 248,200 in local markets. Similarly, the price of 24-karat gold per 10 grams witnessed a steep decline of Rs 5,315, bringing it down to Rs 207,476 from the prior day’s closing of Rs 212,791.
Analysts at the bullion markets attributed this drastic fall in domestic gold prices to significant drops in the global markets. On the international stage, gold prices recorded a substantial decline of $60, ending at $2,355 per ounce, down from the previous day’s closing of $2,415 per ounce.
“This is one of the largest single-day drops we’ve seen in recent times,” said a leading analyst at a local bullion market. “The international market has been quite volatile, and the effects are being strongly felt in our domestic prices.”
The decline is seen as a response to multiple factors affecting global markets, including fluctuations in the dollar’s value, changes in international economic policies, and varying investor sentiments. The decrease in global gold prices, consequently, has had a direct impact on the local market.
“This significant drop is largely due to the global market dynamics,” said another market expert. “When international prices fall, we see an immediate reflection in our local markets as well.”
For consumers and investors in Pakistan, this drastic drop presents both challenges and opportunities. While those who have recently invested in gold might be facing losses, potential buyers might see this as a lucrative opportunity to purchase the precious metal at lower prices.
“Such declines can be alarming for existing investors but offer a good entry point for new buyers or those looking to increase their holdings,” said a local jeweler. “It’s crucial to keep an eye on the market trends and international cues.”
The impact of this price drop is expected to be felt across various sectors, including jewelry manufacturing and retail, where prices are closely tied to daily gold rates. Retailers might see an uptick in customer interest as buyers look to capitalize on the lower prices.
As the market reacts to these changes, stakeholders will be closely monitoring the international market trends and domestic responses. The coming days will be critical in determining whether this decline is part of a longer-term trend or a short-term fluctuation.
In summary, the significant drop of Rs 6,200 per tola in gold prices marks a notable shift in Pakistan’s bullion market, driven by a sharp decline in international prices. Both investors and consumers will need to navigate these changes carefully as they assess the evolving market conditions.
