The gold price experienced its third-largest drop in history, hitting both local and international markets. Analysts attribute the fall to strengthening global currencies and cautious investor sentiment.
According to the All Pakistan Sarafa Gems and Jewellers Association, the gold price for 24-karat gold fell by Rs9,100 per tola, bringing it down to Rs430,662. This represents a significant decline for investors and gold buyers in Pakistan.
In the local market, 10 grams of 24-karat gold were sold at Rs369,223, down by Rs7,799 compared to the previous day. Similarly, 10 grams of 22-karat gold decreased by Rs7,152, with the new rate set at Rs338,466. Experts say the sharp fall in gold price reflects broader global trends and economic uncertainty.
On the international front, gold dropped by $91, reaching $4,083 per ounce. Analysts noted that a stronger U.S. dollar and stable global stock markets contributed to the decline. Investor caution ahead of upcoming economic reports has also influenced the downward trend.
Silver prices mirrored the decline in gold. The rate for 24-karat silver per tola decreased by Rs209, bringing it to Rs5,313. Ten grams of silver were sold at Rs4,555, reflecting a similar trend in precious metals.
Market experts have advised investors to remain cautious and monitor further fluctuations in the gold price, as global economic conditions continue to impact commodity rates. They noted that short-term volatility is likely to persist, and informed decisions are crucial for both buyers and sellers.
In other news read more about Pakistan Gold Prices Show Conflicting Trends Amid Market Uncertainty
The recent drop in gold and silver prices has raised concerns among local traders and investors. While some see the decline as a buying opportunity, others worry about continued downward pressure on precious metals. Authorities and financial analysts continue to monitor the situation closely.
