The price of 24 karat gold per tola decreased by Rs. 2,300 on Thursday, bringing the rate down to Rs. 283,100 from the previous trading day’s price of Rs. 285,400, as reported by the All Sindh Sarafa Jewellers Association. This decline reflects a notable drop in both local and international markets.
The price of 10 grams of 24 karat gold also fell, shedding Rs. 1,971 to reach Rs. 242,713, down from Rs. 244,684 on the last trading day. Meanwhile, the 10-gram price of 22 karat gold was recorded at Rs. 222,487, a marginal decrease from the previous Rs. 224,294.
In contrast, silver prices remained stable, with per tola silver unchanged at Rs. 3,350, and the rate for 10 grams standing at Rs. 2,872.08.
International Market Impact
Globally, gold prices also saw a dip, with the precious metal losing $23 to settle at $2,734 per ounce, down from $2,757. Analysts attribute this drop to several factors, including recent geopolitical uncertainties and fluctuations in the US dollar. Despite this short-term decline, market sentiment continues to support a longer-term upward trend for gold due to ongoing global economic concerns.
Outlook for 2025
According to analysts at HSBC, gold’s near-term upward trajectory is likely to persist, fueled by its “safe haven” appeal amid economic and geopolitical risks. They predict that gold prices could remain elevated, staying above $2,200 per ounce well into 2025.
However, the rally may face challenges as global supply grows and demand for jewelry declines due to high prices. Additionally, gold exchange-traded funds (ETFs) have begun liquidating holdings, which could add further downward pressure in the longer term.
Conclusion
While the recent drop in gold prices is notable, the market remains volatile. Investors are advised to monitor international trends, particularly those surrounding US monetary policy and geopolitical events, which are likely to influence future price movements.
