The recent fluctuation in the price of gold in Pakistan reflects both domestic and international market dynamics. On Monday, the price of gold experienced a decrease of Rs. 500 per tola, following a previous increase. Despite this minor dip, the overall trend has been one of volatility, with fluctuations in response to various factors.
The Karachi Sarafa Association reported that the price of gold (24 carats) had increased by Rs. 1,100 per tola to reach Rs. 242,000, while the price of 10 grams rose by Rs. 943 to Rs. 207,476. This uptick in price came after a period of decline the previous week, during which the price dropped by Rs. 7,800 per tola to close at Rs. 244,400. The decrease was attributed to a reduction in international prices, driven by easing tensions in the Middle East.
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In the international market, gold prices continued to decline on Monday, with spot gold falling by 0.3 percent to $2,328.20 per ounce, and US gold futures also dropping by 0.3 percent to $2,339.70 per ounce as of 0112 GMT.
These fluctuations in gold prices underscore the sensitivity of the precious metal to global events and market sentiment. Investors and traders closely monitor geopolitical developments, economic indicators, and central bank policies, among other factors, which can influence the demand and pricing of gold.
