Gold prices today witnessed a significant decline, with 24-karat gold falling by Rs5,500 per tola to Rs470,162, according to the All Pakistan Sarafa Gems and Jewellers Association. On the previous trading day, the same gold was sold at Rs475,662.
The price of 10 grams of 24-karat gold also decreased by Rs4,715 to Rs403,088 from Rs407,803. Similarly, 10 grams of 22-karat gold fell by Rs4,323, reaching Rs369,510 from Rs373,833.
In the international market, gold prices dropped by $55 per ounce to $4,478 from $4,533. Silver prices also declined, with silver per tola falling by Rs332 to Rs8,075 and 10 grams of silver dropping by Rs284 to Rs6,923. International silver prices went down by $3.32 to $76 per ounce.
Analysts point out that gold prices today are influenced by ongoing geopolitical tensions and economic uncertainties. Investors are seeking safe-haven assets due to global instability, including conflicts in Ukraine and Gaza, US tariffs, and financial pressure on countries like Venezuela.
John Plassard, an analyst at Cite Gestion Private Bank, explained that metals like gold and silver are increasingly viewed as insurance rather than speculative assets. He noted that rising public debt and concerns about potential bubbles in sectors like artificial intelligence are driving demand for precious metals.
A weak US dollar has also contributed to the shift in investment. Uncertainty around US economic policies and possible Federal Reserve interest rate cuts have made the dollar and US Treasuries less attractive. Consequently, many investors are turning to gold and silver to protect their portfolios.
Gold has surged over 70 percent this year, surpassing $4,500 an ounce for the first time, while silver reached a record $72 per ounce. Falling dollar value makes commodities cheaper for international buyers, further boosting demand.
Overall, gold prices today reflect global economic concerns and investor preference for stability, with precious metals continuing to serve as safe-haven assets amid market volatility.
In other news read more about: Pakistan’s Gold prices Today – August 31, 2024
