Thursday brought a significant shift in Pakistan’s domestic bullion market, as gold enthusiasts witnessed a notable decrease in gold prices. The rate for 24-karat gold dropped by Rs1,400 per tola, bringing it down to Rs213,800. This change marks a clear downward trend in the gold market.
Furthermore, the 10-gram segment of 24-karat gold was not immune to this decline, registering a fall of Rs1,200 to settle at Rs183,300. This indicates a broader trend affecting various gold purities.
In the case of 22-karat gold, the market reported a price of Rs168,024 for a 10-gram unit, aligning with the general downward movement in gold prices.
SILVER PRICES HOLD STEADY
Contrasting with gold, silver prices in the domestic market displayed stability. The rate for 24-karat silver remained unchanged, trading at Rs2,600 per tola and Rs2,229.08 per 10-gram.
This steadiness in silver prices provides a diverse perspective on the precious metals market.
International Gold Market Trends
On the international front, the spot gold market also experienced a dip yesterday of 0.76%. Currently, it’s trading at $2023.17 [07:48pm PST].
These global trends often influence domestic markets, reflecting the interconnected nature of the global economy.
DEVELOPMENTS IN KARACHI’S GOLD TRADING COMMUNITY
A pivotal meeting was held on January 18, 2024, in Karachi, under the leadership of Qasim Shikarpuri at Karachi Gold Bullion. This meeting saw the participation of key players in the gold market, including members of the Karachi Bullion Exchange, ARY GOLD representatives, and owners of various GOLD LABs in Karachi.
A significant outcome of this meeting was the unanimous decision to establish a joint committee comprising all stakeholders. This committee aims to improve the management of physical gold trading. Its primary objective is to take effective measures to regulate gold rates and ensure a more efficient trading environment.
The committee will also extend its role to offer consultation and assistance to governmental bodies in matters related to gold trading.
Furthermore, the meeting addressed the issue of negative propaganda on social media impacting the gold rates. The participants collectively condemned such actions and emphasized the need to counteract misinformation that could harm the gold industry.
