Karachi, November 2, 2024 – In a significant shift in the bullion market, Pakistan experienced a sharp decline in gold prices, with the price per Tola dropping by Rs 1,700 on Saturday. This decline has been attributed to falling trends in international gold markets, where volatility remains high due to ongoing geopolitical tensions, particularly in the Middle East.
The price of 24-karat gold per Tola decreased from Rs 284,700 to Rs 283,000 in the local markets. Just a few days earlier, gold prices had reached an all-time high of Rs 287,900 on October 30, 2024. Since then, however, there has been a noticeable downward trend, reflecting the fluctuating nature of the global gold market.
Similarly, the price of 24-karat gold per 10 grams also experienced a decline, falling by Rs 1,457 to close at Rs 242,627, down from the previous day’s closing of Rs 244,084. This trend has left many investors and gold enthusiasts closely monitoring market movements, as the fluctuation in prices can significantly impact buying and selling decisions.
Market analysts and bullion experts attribute the recent decline in gold prices primarily to shifts in international pricing. Gold prices in global markets saw a decrease of $17 per ounce, ending at $2,735, compared to the previous day’s close of $2,752. Despite this decrease, experts caution that the international gold market remains volatile, influenced by various factors including geopolitical events and fluctuations in currency values.
The current geopolitical climate, particularly tensions in the Middle East, continues to add an element of unpredictability to gold prices. Investors often turn to gold as a safe-haven asset during times of uncertainty, which can lead to fluctuations based on international news and events.
In light of the recent price changes, local jewelers in Pakistan are bracing for potential impacts on consumer behavior. As prices stabilize or continue to shift, buying patterns among consumers may also change, influencing sales in the domestic gold market.
As Pakistan navigates these changing economic tides, both investors and consumers are advised to stay informed on market trends, particularly given the ever-evolving dynamics of the global gold market. With prices already fluctuating dramatically, further changes could be on the horizon as the month progresses.
