Price of Gold in Pakistan Drops Sharply
The decline in gold prices in Pakistan brings relief to buyers, but the ongoing global tensions and trade wars continue to influence investor purchases, driving gold prices. The local market will be closely watched to determine the impact of the fluctuation on the economy and the industry.
Gold prices in Pakistan saw a sharp decline on Friday, with the price of 24-carat gold per tola falling by Rs. 2,000 to Rs307,000, and 10-gram gold dropping by Rs1,714 to Rs263,203, following a recent surge in the market.
The decline in gold prices in Pakistan mirrored the drop in the international bullion market, where the price of gold per ounce decreased by $23 to $2,930. This decrease comes after gold prices in Pakistan had hit new highs on Thursday, with the price of gold per tola increasing by Rs. 1,000 to Rs. 309,000, and 10-gram gold rising by Rs. 857 to Rs. 264,917.
The All Pakistan Sarafa Gems and Jewellers Association reported that gold prices reached a record level of Rs309,000 per tola and Rs264,917 per 10 grams on Thursday, driven by international market gains. However, the association also noted that the surge in gold prices has led to a significant decline in sales, with buyers now ranging between 10-15% of the previous levels, posing a threat to the survival of jewellers.
The price of silver also saw a dip, with the cost per tola falling by Rs. 38 to Rs. 3,430, and 10-gram silver dropped by Rs. 33 to Rs. 2,940. The decline in gold and silver prices is expected to provide relief to buyers, but the ongoing trade war between the US and several countries and rising tensions in the Middle East continue to drive investor purchases, influencing gold prices globally.
The fluctuation in gold prices in Pakistan is a significant development, and market experts will be closely watching the situation to determine the impact on the local market and the economy as a whole. The All Pakistan Jewellers Manufacturers Association (APJMA) has expressed concerns about the decline in sales and its potential effects on the industry.