The price of gold declined on Thursday, with 24 karat gold trading at Rs407,778 per tola. This marks a decrease of Rs2,500 from the previous day’s rate of Rs410,278, according to the All Pakistan Sarafa Gems and Jewellers Association.
Similarly, the price of 10 grams of 24 karat gold fell by Rs2,144, settling at Rs349,603 compared to Rs351,747 previously. The rate of 10 grams of 22 karat gold also dropped by Rs1,965, reaching Rs320,481 from Rs322,446.
In international markets, gold prices saw a decline of $25, bringing the rate to $3,865 per ounce from $3,890. Analysts attribute the decrease to fluctuations in global demand and currency movements affecting commodity prices.
While gold prices fell, silver recorded modest gains. The price of 24 karat silver per tola rose by Rs13 to Rs4,839. Similarly, 10 grams of silver increased by Rs11, reaching Rs4,148. International silver prices edged up slightly by $0.13 to $47.40 per ounce.
Market experts suggest that the decline in gold is temporary and linked to short-term market corrections. They expect prices to stabilize in the coming days as demand for safe-haven assets like gold continues in uncertain economic conditions.
The drop in gold prices provides potential buying opportunities for investors and jewelers, while silver continues to show steady growth. Traders are advised to monitor international trends closely, as global economic indicators heavily influence gold and silver prices.
Overall, gold remains a key investment commodity, and its price movement reflects both domestic and international market dynamics. Investors are keeping a close watch on developments that could impact future rates of gold.
In other news read more about: Gold prices fall in Pakistan, Dec 22
