KARACHI: Gold prices in Pakistan recorded a decline on Friday, following a downward trend in the international bullion market. The latest data released by the All Pakistan Sarafa, Gems and Jewellers Association showed a noticeable drop in local rates.
The price of 24-karat gold per tola fell by Rs1,000, closing at Rs467,262 compared to Rs468,262 a day earlier. Similarly, the price of 10 grams of 24-karat gold decreased by Rs787, settling at Rs400,601. The fall in Gold prices reflects the impact of changes in global markets and investor sentiment.
Silver prices also showed a slight decline. The per tola rate of silver dropped by Rs30, reaching Rs7,454. Market observers noted that precious metals are currently experiencing short-term fluctuations due to external economic factors.
In the international market, Gold prices slipped by $10, settling at $4,445 per ounce compared to $4,455 in the previous session. Analysts say that global trends often directly influence local bullion rates, leading to similar movements in Pakistan.
Experts believe that recent volatility is linked to rising oil prices and growing geopolitical tensions. Ongoing conflicts and airstrikes in the Middle East have increased uncertainty in global markets. This situation has caused investors to adjust their positions in commodities like gold.
Despite the recent drop, analysts remain optimistic about gold’s long-term outlook. They consider gold a safe-haven asset during times of economic and political instability. Its limited supply and independence from central bank policies make it a preferred choice for investors.
Historically, Gold prices tend to rise when markets face uncertainty. Investors often move away from riskier assets, such as stocks and currencies, and shift towards bullion. This pattern continues to support gold’s demand worldwide.
In Pakistan, gold remains popular both as a form of investment and for traditional use in jewelry. Market participants are closely watching global developments, as these will likely influence future price trends.
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Overall, while short-term movements show a decline, the broader outlook for gold remains stable due to its role as a financial safeguard.
