KARACHI: Gold prices in Pakistan retreated on Tuesday, with the rate for 24-karat gold falling by Rs1,900 to Rs248,500 per tola. The price has been kept significantly Rs4,000 below its actual cost due to a substantial reduction in purchasing power.
The Karachi Sarafa Association also reported that the price of 24-karat gold dropped to Rs213,048 per 10 grams, down by Rs1,630. Similarly, the price of 22-karat gold was quoted lower at Rs195,295 per 10 grams.
In contrast, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,850 per tola and Rs2,443.41 per 10 grams.
Global Market Trends
On the global front, international spot gold traded near $2,417.41, down 0.33% on the day. China’s bullion imports slowed last month as demand in the world’s largest consumer began to buckle in the face of record prices. Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data.
Meanwhile, international silver prices held near an 11-year high. Silver’s rally is driven by surging investor interest, a supportive macroeconomic backdrop, and a projected fourth annual market deficit.
