Gold rates in Pakistan witnessed a decline on Friday as the yellow metal faced a price drop in the international market.
The rate of gold 24 karat decreased by Rs300 per Tola to reach Rs225,000, and the rate of gold 24 karat also decreased by Rs257 per 10 grams to Rs192,901. Additionally, the price of gold 22 karat reached Rs176,826 per 10 grams. This decrease in gold prices is attributed to a decline in global market rates, where the price of gold fell by $8 to reach $2,036 per ounce.
Meanwhile, silver prices have continued to rise in both domestic and international markets and have reached an all-time high. The price of silver 24 karat increased by Rs80 to reach Rs2,950 per Tola, while the price of 10 grams of silver 24 karat increased by Rs68.58 to Rs2,529.14 in the domestic market. The prices of silver in the international market were recorded at $25.84.
The increase in silver prices is due to the same reasons behind the hike in gold prices. As investors look for safe-haven assets during economic uncertainty, precious metals like gold and silver become an attractive option. The increase in silver prices is expected to continue in the coming days.
The decrease in gold prices could be good news for buyers who were previously deterred by the high rates. However, the fluctuating prices of precious metals are unpredictable and subject to change. Experts advise buyers to closely monitor the market rates before making a purchase decision.
In conclusion, the rates of gold in Pakistan have decreased, while the rates of silver have reached an all-time high. These changes are reflective of the global market rates and economic uncertainty. Buyers should stay informed and cautious while investing in precious metals.
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