Karachi, December 2, 2024 – Gold prices in Pakistan experienced a significant decline on Monday, with prices dropping by Rs 1,700 per Tola due to a downturn in international markets.
The price of 24-karat gold per Tola ended at Rs 274,500, down from the previous closing of Rs 276,200 in local markets. This marks a notable decrease, following a record high of Rs 287,900 per Tola on October 30, 2024. Since reaching this peak, gold prices have seen substantial fluctuations, influenced by various global economic factors.
Similarly, the price of 24-karat gold per 10 grams fell by Rs 1,457, bringing it down to Rs 235,340 from the previous closing of Rs 236,797. This decline reflects the broader trend in the market, where gold prices have experienced volatility in recent weeks.
Experts in the bullion market have pointed to a decline in international gold prices as the primary factor behind the fall in prices within Pakistan. The ongoing tensions in the Middle East have contributed to fluctuations in the global gold market, influencing prices in multiple regions. Additionally, geopolitical instability often leads to fluctuations in commodity markets, including gold, as investors react to global uncertainties.
In the international market, gold prices fell by $17, ending at $2,633 per ounce compared to the previous closing of $2,650 per ounce. The drop in international gold prices has had a direct impact on the local market, leading to a reduction in the value of gold in Pakistan.
This decline in gold prices comes at a time when the precious metal has been subject to considerable volatility. With global factors such as political unrest, inflationary pressures, and economic concerns continuing to influence markets, it remains to be seen whether gold prices will stabilize or experience further fluctuations in the coming weeks.
For now, local consumers and traders will be closely watching the international market, as gold remains a key investment and store of value in Pakistan.
