KARACHI: After reaching record highs in recent sessions, gold prices in Pakistan experienced a significant drop on Tuesday, providing some relief to buyers after a period of sharp fluctuations.
Previously, the price of 24-carat gold per tola had soared to an unprecedented Rs 454,862, with 10 grams priced at Rs 389,970, driven by a $26 per ounce increase in the international market, bringing global prices to $4,325. During this surge, silver also saw an uptick, with the rate per tola rising to Rs 6,532.
However, these gains have partially reversed due to recent market dynamics. The All Pakistan Sarafa Association reported a decline of Rs 4,000 per tola in gold prices, reducing the rate to Rs 450,862 per tola. Similarly, the cost for 10 grams of gold dropped by Rs 3,429, settling at Rs 386,541. The decrease follows a brief rise of Rs 2,600 per tola registered the previous day.
Experts link this decline to a $40 per ounce drop in global gold prices, which now stand at $4,285. This shift is attributed to changes in investor sentiment and broader global economic conditions affecting the international market.
Market analysts predict continued volatility in the local gold market in the days ahead. Prices are expected to closely mirror international trends and investor behavior, keeping both buyers and traders on high alert for further fluctuations.
