The price of gold in Pakistan experienced a decrease on Friday, with the per tola price of 24 karat gold dropping by Rs 600 to Rs 245,000, down from Rs 245,600 on the previous trading day. Similarly, the price of 10 grams of 24 karat gold fell by Rs 514, settling at Rs 210,048 compared to Rs 210,562.
22 Karat Gold Prices Also Fall
The prices of 10 grams of 22 karat gold also saw a reduction, declining to Rs 192,544 from Rs 193,016, as reported by the All Sindh Sarafa Jewellers Association.
Silver Prices Remain Stable
Unlike gold, the prices of silver remained unchanged. The per tola price of silver held steady at Rs 2,730, while the price of 10 grams of silver remained constant at Rs 2,340.53.
International Market Trends
In the international market, gold prices also saw a slight decrease. The price of gold fell by $6, dropping to $2,384 from $2,390. This global dip in gold prices has influenced the local market, contributing to the decrease in gold prices in Pakistan.
Market Reactions and Implications
The fluctuation in gold prices is influenced by a variety of factors, including international market trends, currency exchange rates, and local demand and supply dynamics. The recent decrease in both local and international gold prices might reflect market adjustments and economic conditions.
For consumers and investors in Pakistan, the current decline presents a potential opportunity for purchasing gold at a slightly lower price. However, it also signals the need to stay updated with ongoing market trends to make informed decisions. The stability in silver prices offers a contrasting view, indicating a different set of market conditions and investor sentiment in the precious metals market.
GOLD PRICES DECLINE AMID FED’S HAWKISH STANCE
Overall, the changes in gold prices highlight the interconnected nature of local and global markets, where shifts in one can significantly impact the other.
