Gold Prices Drop Further in Pakistan
Gold Prices Drop Further in Pakistan: Gold prices continued to decline across Pakistan on Tuesday, following trends in the international market A stronger U.S. dollar and reduced expectations of another Federal Reserve rate cut have put pressure on bullion prices. Traders and investors reacted to these shifts, leading to a noticeable drop in local gold rates.
This downward trend is significant for both buyers and sellers. Analysts suggest that while short-term fluctuations are common, the domestic market is closely following global cues to anticipate future price movements. Silver prices also showed a decline alongside gold, reflecting overall weakness in the precious metals market.
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| Metal | Unit | Price (PKR) | Change |
|---|---|---|---|
| 24-Karat Gold | Per Tola | 420,362 | -3,500 |
| 24-Karat Gold | Per 10-gram | 360,392 | -3,001 |
| 22-Karat Gold | Per 10-gram | 330,263 | – |
| 24-Karat Silver | Per Tola | 5,022 | -130 |
| 24-Karat Silver | Per 10-gram | 4,305 | -112 |
Current Rates of Gold and Silver Across the Country
According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), 24-karat gold was sold at Rs. 420,362 per tola, down Rs. 3,500 from the previous day. The price per 10-gram for 24-karat gold dropped by Rs. 3,001 to Rs. 360,392. 22-karat gold was quoted at Rs. 330,263 per 10-gram.
Silver also saw a decline, with 24-karat silver priced at Rs. 5,022 per tola (down Rs. 130) and Rs. 4,305 per 10-gram (down Rs. 112). This shows a simultaneous dip in both gold and silver in Pakistan.
- 24-karat gold: Rs. 420,362 per tola
- 24-karat gold per 10-gram: Rs. 360,392
- 22-karat gold per 10-gram: Rs. 330,263
- 24-karat silver per tola: Rs. 5,022
- 24-karat silver per 10-gram: Rs. 4,305
Factors Behind the Decline in Gold Prices
The decline in gold prices is influenced by several factors. A stronger U.S. dollar has reduced demand for gold as an alternative investment. Additionally, market expectations of another Federal Reserve rate cut have decreased, impacting gold prices worldwide.
Investors are monitoring international trends closely. Local traders are adjusting prices in response to global signals to ensure domestic rates reflect changes in the international bullion market.
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Market Insights and Global Trends
Globally spot gold traded near $3,986 per ounce, down by $11.2 or 0.28 percent from the previous session the U.S dollar remains near a three-month high, influencing precious metals markets analysts suggest volatility will continue as traders respond to economic developments and Federal Reserve policies this international trend directly affects Pakistan’s market buyers and sellers are advised to stay updated with both local rates and global market movements to make informed decisions.