On Saturday, the price of gold in Pakistan continued its decline for the second consecutive day, as reported by the All-Pakistan Gems and Jewellers Sarafa Association.
The price of 24-karat gold per tola dropped by Rs100, settling at Rs250,000. Similarly, the cost of 10 grams of 24-karat gold saw a decrease of Rs857, bringing it down to Rs214,335.
For 22-karat gold, the price per 10 grams also saw a decline, reaching Rs196,473 on Saturday. This downward trend in local gold prices mirrored global markets, where the international rate for gold was recorded at $2,400 per ounce, reflecting a $15 decrease.
Conversely, silver prices in the local market displayed an opposite trend, increasing by Rs70 per tola to reach Rs2,920.
Market analysts attributed the fluctuations in gold prices to several factors, including shifts in the international market dynamics, currency exchange rates, and broader economic conditions.
These variables continue to play a crucial role in influencing the trajectory of precious metal prices. The ongoing adjustments in gold prices may impact investment strategies and consumer sentiment in the near future.
As the market remains sensitive to global economic developments and geopolitical factors, stakeholders are closely monitoring these trends to gauge potential implications for both local and international markets.
The fluctuating prices of gold and silver highlight the volatility inherent in commodity markets, necessitating prudent decision-making among investors and consumers alike.
