Karachi, November 30, 2024 – Gold prices in Pakistan saw a notable decline on Saturday, dropping by Rs 1,100 per tola, largely driven by a downward trend in international markets. The price of 24-karat gold per tola in the local markets fell to Rs 276,200 from the previous day’s rate of Rs 277,300, marking a significant shift amid fluctuating global conditions.
Gold prices in Pakistan have been highly volatile in recent months, reaching an all-time high of Rs 287,900 per tola on October 30, 2024. Since then, prices have experienced frequent ups and downs, reflecting the uncertainties and pressures in both local and global markets.
Similarly, the price of 24-karat gold per 10 grams also dropped by Rs 943, closing at Rs 236,797 compared to the previous day’s rate of Rs 237,740. This decline mirrors the overall downward movement in the gold market, as both domestic and international factors continue to influence price trends.
Experts from the bullion market attribute this latest drop in gold prices to ongoing declines in international markets. Global gold prices decreased by $11 per ounce, settling at $2,650 from the previous day’s closing of $2,661 per ounce. Analysts believe geopolitical tensions in the Middle East have contributed to the volatility in international gold prices.
The decrease in global gold demand, coupled with shifts in investor sentiment due to geopolitical uncertainties, has played a significant role in shaping current trends. In Pakistan, the impact of these fluctuations is further amplified by the rupee’s exchange rate against the dollar and the local economic climate, which affects market sentiment.
The decline in gold prices offers a potential opportunity for investors and buyers, particularly those who have been waiting for a dip to make purchases. However, experts caution that the situation remains fluid, and further changes in international markets or geopolitical events could impact prices in the near term.
As gold remains a preferred asset for investment and a symbol of wealth in Pakistan, these fluctuations are closely watched by traders and consumers alike.