Gold Rates in Pakistan Drop Amid Global Decline

The price of gold in Pakistan has experienced a decline, following a drop in international gold rates, with the All Sindh Sarafa Jewellers Association reporting a decrease in the price of one tola of gold and 10 grams of gold.

According to the All Sindh Sarafa Jewellers Association, the price of one tola of gold fell by Rs300 to Rs2,89,100, while 10 grams of gold decreased by Rs257 to Rs2,47,856. This decline is mirrored in silver prices, with one tola decreasing by Rs14 to Rs3,395 and 10 grams by Rs12 to Rs2,910. The international price of gold fell 0.1% to $2,766.59 per ounce, which has influenced the local market.

The decline in gold prices is attributed to the weakening U.S. dollar and the Federal Reserve's policy meeting. Previously, gold prices had hit an all-time high in Pakistan, reaching Rs289,600 per tola, driven by a surge in both international and local markets. Local market analysts attribute the prices to global inflationary pressures and a weakening currency.

On the global market, gold prices had risen by $29 per ounce to $2,772, while in local markets, 24-karat gold per tola decreased by Rs750 to Rs283,700, and gold per 10 grams decreased by Rs641 to Rs245,799. The current decline in gold prices is in line with international rates, with the price of gold per tola dropping by Rs300 to Rs289,100 and 10-gram gold selling at Rs247,856 after a decrease of Rs257.

The fluctuation in gold prices highlights the dynamic nature of the precious metal market, influenced by global economic factors and policy decisions. As the market continues to evolve, it is essential to monitor these changes to understand their impact on the local and international economy.