Pakistan’s gold market experienced a significant decline on Monday, reversing a six-day consecutive price hike. The price of 24-karat gold per tola fell by Rs5,500, settling at Rs470,162, according to the All Pakistan Sarafa Gems and Jewellers Association. Similarly, 10 grams of 24-karat gold dropped by Rs4,715 to Rs403,088.
The price of 10 grams of 22-karat gold also declined by Rs4,323, reaching Rs369,510. Analysts attribute the drop to weakening global gold rates, affecting domestic market prices across the country.
International Gold Market Decline
The downward movement was not limited to Pakistan. In the global bullion market, gold prices fell by $55, bringing the international rate to $4,478 per ounce. Experts suggest that investor sentiment and global economic factors, including currency fluctuations and inflation concerns, contributed to this decline.
Silver Prices Follow Similar Trend
Silver prices in Pakistan also mirrored the gold market trend. The price of 24-karat silver per tola dropped by Rs332 to Rs8,075, while 10 grams of silver fell by Rs284, settling at Rs6,923. Market analysts note that both gold and silver are reacting to global bullion trends, highlighting the interdependence of domestic and international markets.
Impact on Investors and Traders
The sudden decline in gold and silver prices may affect investors and traders who had anticipated continued price increases. Many small-scale investors are closely monitoring the market, as the recent drop provides an opportunity to reassess investment strategies. Experts recommend caution, suggesting that market volatility may continue in the short term.
Future Outlook
Market analysts indicate that gold and silver prices may stabilize if international markets regain momentum. Additionally, local demand and currency fluctuations will continue to influence rates in Pakistan. Traders are advised to track both global trends and domestic market conditions before making investment decisions.
The recent decline highlights the sensitivity of Pakistan’s gold and silver markets to global price shifts and economic factors, emphasizing the importance of informed investment strategies.
