Karachi, November 16, 2024 – Gold prices in Pakistan saw a decline of Rs 300 on Saturday, following a drop in international market prices. The price of 24-karat gold per tola fell to Rs 267,400, down from the previous day’s closing of Rs 267,700 in the local markets. This marks another fluctuation in the volatile gold market, which has seen considerable shifts in recent weeks.
The price of 24-karat gold per 10 grams also saw a decrease of Rs 258, closing at Rs 229,252 from the previous closing of Rs 229,510. The recent trend has been reflective of broader international market shifts, with gold prices seeing significant volatility since hitting an all-time high of Rs 287,900 per tola on October 30, 2024. Since then, the market has experienced fluctuations driven by various global factors.
Experts in the bullion market have pointed to the weakening of gold prices in international markets as a major reason for the reduction in domestic prices. The global market saw a decrease of $3 in gold prices, with the precious metal closing at $2,562 per ounce on Saturday, down from the previous day’s price of $2,565 per ounce.
The decline in international gold prices has been attributed to a range of economic factors, including changes in currency values, shifts in investor sentiment, and fluctuations in global inflation rates. As gold is often seen as a safe-haven asset, its prices tend to react to global economic trends, and recent changes have affected both the international and local markets.
Despite the recent price drop, experts suggest that gold continues to be a popular investment choice in Pakistan, particularly as a hedge against inflation and currency depreciation. The fluctuations in gold prices in Pakistan mirror the volatility seen in global markets, where various economic forces such as central bank policies and geopolitical tensions can heavily influence pricing.
With the gold market continuing to experience uncertainty, both investors and consumers in Pakistan will be keeping a close eye on the trends in the coming weeks. Analysts expect further fluctuations as global economic conditions evolve, and the price of gold remains a key barometer for financial markets in Pakistan and worldwide.
