ISLAMABAD – Gold plummets in Pakistan as prices recorded a sharp decline on Thursday. The per tola price of 24 karat gold fell by Rs4,100, settling at Rs384,000 compared to the previous day’s rate of Rs388,100, according to data from the All Pakistan Sarafa Gems and Jewellers Association.
Similarly, the price of 10 grams of 24 karat gold dropped by Rs3,515, moving down from Rs332,733 to Rs329,218. The 10 grams of 22 karat gold also saw a decrease of Rs3,222, sliding from Rs305,016 to Rs301,794.
In the international market, gold prices dropped by $36 per ounce. The rate slipped from $3,654 to $3,618, marking another sign of weakness in global bullion markets. Analysts note that when gold plummets internationally, local markets often follow due to exchange rate effects and import parity prices.
Silver also showed a downward trend alongside gold. The price of 24 karat silver per tola fell by Rs32, from Rs4,358 to Rs4,326. Meanwhile, the rate of 10 grams of silver declined by Rs28, from Rs3,736 to Rs3,708. In global trade, the price of silver per ounce dropped by $0.27, from $41.25 to $40.98.
Market observers stated that the decline was influenced by international trends and fluctuations in currency values. The drop comes after weeks of volatility in both gold and silver markets, where investor demand has remained sensitive to changes in global prices.
Gold plummets at a time when many investors are closely monitoring inflation and interest rate movements worldwide. Experts suggest that local buyers may see the current dip as an opportunity, but warn that future prices will continue to depend on international factors.
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