Gold Rates in Pakistan witnessed a decline on May 24 as local bullion prices dropped following a decrease in international gold markets. The latest figures showed a noticeable fall in the price of gold per tola after several days of market fluctuations.
According to market data, the price of one tola of 24-karat gold decreased by Rs2,200 in a single day. After the decline, the new price settled at Rs473,162 per tola. Traders said the market had remained mostly stable a day earlier before this sudden drop.
The latest Gold Rates also showed a decrease in smaller quantities. The price of 10 grams of gold fell by Rs1,886, bringing the new rate to Rs405,660. Bullion dealers said the local market followed the trend seen in international trading activity.
Analysts explained that international gold prices came under pressure due to changing investor sentiment in global markets. This directly affected Pakistan’s bullion sector and caused fresh volatility in domestic Gold Rates.
In the international market, gold prices dropped by $22 per ounce. The new global rate reached $4,508 per ounce, including a premium of $20. Experts said global economic uncertainty and investor movements continued to influence precious metal prices worldwide.
The latest weekly trend also showed fluctuations in gold prices across Pakistan. On May 20, the rate stood at Rs470,362 per tola. On May 19 and May 18, prices remained at Rs477,162 per tola.
Earlier in the week, gold was priced at Rs476,262 on May 16 and Rs476,862 on May 15. The highest rates were recorded on May 14 and May 13, when gold reached Rs492,362 and Rs491,362 per tola respectively.
Market observers said the continuous ups and downs in prices have created uncertainty among traders and investors. Many buyers are closely monitoring the market before making major purchasing decisions.
Meanwhile, silver prices remained stable despite the decline in gold. The price of silver stayed unchanged at Rs8,034 per tola.
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Jewellers said demand in local markets remained moderate as consumers waited for further clarity regarding international trends. Experts believe future Gold Rates in Pakistan will largely depend on movements in global bullion markets and currency exchange fluctuations in the coming days.
