Gold Prices Tumble in Pakistan Amid Global Market Sentiment

Gold prices in Pakistan have decreased significantly on Thursday, November 14, 2024, following the downward trend in the international market. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) announced the price drop, citing the decrease in international gold prices by $55.

The price of 24-karat gold per tola in Pakistan decreased by Rs 5,500, reaching Rs 266,400. The price of 10-gram gold also fell by Rs 4,716, reaching Rs 228,395. This decline is consistent with historical market trends where gold serves as a safe-haven asset during times of economic uncertainty and geopolitical tensions. The global market also saw a decline in gold prices, with the price reaching $2,552 per ounce.

Prior to the current decline, gold prices in Pakistan had seen a rebound in the market. On Wednesday, the global market saw a rise in the price of gold, reaching $2,607 per ounce. In Pakistan, the price of 24-karat gold increased by Rs 1,400 per tola, setting a new rate at Rs 271,900 per tola. The 10-gram price also rose by Rs 1,200, reaching Rs 233,111 per 10 grams. Meanwhile, silver prices in Pakistan remained stable, trading at Rs 3,250 per tola.

The recent fluctuations in the gold market highlight the impact of global market sentiment on local markets. As the international gold prices continue to influence local prices, traders and investors are closely monitoring the market for any changes. The trend of gold prices moving in line with the international market is a significant indicator of the country's economic position and geopolitical stability.