After a period of steady increases, gold prices in Pakistan saw a minor decline on Saturday, reflecting a broader downward trend in the international market.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola fell by Rs500, adjusting to a new rate of Rs256,800. Similarly, the price for 10 grams of gold decreased by Rs429, bringing it to Rs220,165. For 22-karat gold, the cost for 10 grams has now reached Rs201,817.
In the international market, the price of gold per ounce also experienced a decline, dropping by $15 to $2,443, as noted by the APGJSA. This global reduction in gold prices has had a direct impact on the local market, contributing to the recent fall in rates.
Interestingly, silver prices in Pakistan remained unchanged, holding steady at Rs2,900 per tola despite the fluctuations in gold prices. This stability in silver pricing contrasts with the volatility seen in the gold market.
Earlier this month, gold prices in Pakistan surged to an all-time high, with the per tola rate climbing by Rs4,600 to reach Rs254,000. This peak highlighted the substantial volatility and significant shifts in the precious metals market, driven by a combination of domestic economic conditions and global market trends.
The recent decline in gold prices follows a period of consistent growth, underscoring the dynamic nature of the precious metals market. The fluctuations reflect the complex interplay of various economic factors, both local and international, that influence gold pricing. This recent dip serves as a reminder of the market’s inherent volatility, which can lead to rapid changes in commodity prices.
