The global and local gold markets experienced notable pressure as prices saw a significant decline, impacting investors and consumers alike. The current report on December 12, 2023, highlights a significant drop in gold rates across Pakistan and the international sphere.
In the local market, the price of 24 karat gold took a substantial hit, plummeting by Rs200 per tola, marking the current rate at Rs215,400. Simultaneously, the cost of 10 grams of 24 karat gold witnessed a decline of Rs170, now resting at Rs184,670. Furthermore, the price of 10 grams of 22 karat gold experienced a dip of Rs150, settling the new rate at Rs169,282.
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The downward trend wasn’t confined to the local scene; internationally, the price of gold faced a downturn of $21.78 per ounce, leading to a revised rate of $1985.
This decline in gold prices both locally and globally has sparked significant attention within the investment community and among consumers, prompting varied discussions on its implications for the broader economy and individual portfolios. Analysts are closely monitoring these fluctuations, attempting to gauge the potential impact on markets and investor sentiments in the days to come.