Gold prices in Pakistan fell sharply on Thursday, with 24-karat gold now selling at Rs505,562 per tola. This marks a decline of Rs800 from the record high of Rs506,362 per tola recorded yesterday.
Similarly, 24-karat gold per 10-gram decreased by Rs686 to Rs433,437, reflecting the broader downward trend in the market.
22-Karat Gold and Silver Also Down
The price of 22-karat gold was quoted lower at Rs397,331 per 10-gram. Silver prices also experienced a slight fall in domestic markets. 24-karat silver was sold at Rs9,903 per tola, down Rs30. Meanwhile, silver per 10-gram dropped by Rs25 to Rs8,490.
These movements indicate cautious investor sentiment and minor corrections after recent highs.
Market Trends and Influences
Over the past month, gold prices have increased by Rs34,700 per tola. Year-to-date, the price has risen by Rs155,362. In contrast, silver has gained Rs2,698 per tola over the last month and Rs6,121 since the start of the fiscal year.
Globally, spot gold traded near $4,833 per ounce, reflecting a $56.1 or 1.17% rise. This rise followed geopolitical developments, including proposals related to Greenland and shifts in U.S. trade policy.
Investor Insights and Outlook
Analysts suggest that local gold prices often follow global spot trends. However, domestic fluctuations are also influenced by currency movements and local demand for jewelry and investment.
Investors are advised to monitor both international and domestic indicators for strategic buying and selling decisions.
The recent dip in gold and silver prices may provide a short-term opportunity for investors seeking entry points in the precious metals market.
