Karachi, June 22, 2023 – Gold prices in Pakistan experienced a significant decline on Thursday, following a downward trend in the international market.
The drop in prices brought relief to consumers and offered a potential boost to the struggling jewelry industry.
READ MORE: Gold Rate Falls in Pakistan Amid PKR Appreciation, International Market Decline
The price of 24 karat gold per tola decreased by Rs200, closing at Rs218,500. Similarly, the price of 24 karat gold per 100 grams dropped by Rs172, concluding at Rs187,328.
Experts attribute the decline in international gold prices to two primary factors: a stronger US dollar and rising interest rates. These market conditions influenced investors to shift their focus away from gold, leading to a decrease in its value. The price of gold fell by $5, reaching $1,929 per ounce.
Analysts also note that the upcoming Eid ul Azha, a major festival in Pakistan, contributed to the decline in gold prices. Traditionally, during this period, individuals tend to sell their gold jewelry to meet the expenses associated with the festival. Consequently, the demand for gold typically diminishes during this time.
READ MORE: Gold Rate Eases in Pakistan Amid Stable International Markets
Looking ahead, market analysts anticipate that gold prices in Pakistan will remain volatile in the coming days. They emphasize that these prices are influenced by both global economic conditions and the demand for gold within the local market.
The decrease in gold prices brings relief to consumers who have been grappling with rising inflation in recent months. With more affordable gold rates, individuals may find it easier to purchase jewelry or invest in the precious metal.
READ MORE: Gold Rate in Pakistan Witnesses Decline of Rs 1,000 on June 19, 2023
Moreover, the declining gold prices could provide a much-needed boost to Pakistan’s struggling jewelry industry, which has been adversely affected by the economic slowdown. Jewelers and manufacturers may experience increased demand as more individuals take advantage of the lower prices to make purchases.
Despite the current decline, analysts caution that gold prices are expected to remain volatile in the upcoming months due to the ongoing uncertainty in global economic conditions. As such, market participants and investors will need to closely monitor market developments and adapt accordingly.
READ MORE: Gold Rates Ease in Pakistan Following International Market Decline
Overall, the recent fall in gold prices in Pakistan offers a favorable opportunity for consumers and the jewelry industry alike. However, the future trajectory of gold prices will depend on a range of factors, making it essential for stakeholders to stay informed about the ever-changing market dynamics.
