Gold Rate Drops in Pakistan Amid Global Price Rise
The gold price drop in Pakistan is attributed to local market trends, despite global prices rising due to a weakened US dollar. The upcoming US-China talks and regional developments are expected to influence the gold market's direction, making it essential to monitor external factors affecting Pakistan's economy.
Gold prices in Pakistan fell by Rs1,800 to Rs350,900 per tola, while the price of 10 grams dropped by Rs1,543 to Rs300,840 on Friday, despite a 1% increase in global gold prices due to a weakened US dollar.
The Pakistani rupee also weakened by Rs0.19 to 281.71 against the US dollar in the interbank market, according to the National Bank of Pakistan's Treasury & Capital Markets Group. However, on Saturday, gold prices remained stable in Pakistan, with the local gold rate standing at Rs350,900 per tola and Rs300,840 per 10 grams.
The All Pakistan Sarafa Gems and Jewellers Association reported that domestic silver prices also remained firm at Rs3,417 per tola and Rs2,929 per 10 grams, citing stability in the global market for gold and silver. International bullion was trading at $3,325 per ounce, indicating a stable global market trend.
Experts believe that the upcoming weekend talks between the US and China, as well as regional developments, will play a crucial role in determining the direction of the gold market. The local market's downward trend, despite global price increases, suggests that external factors may be influencing Pakistan's gold prices.
As the gold market continues to experience fluctuations, investors and consumers alike are eagerly awaiting the outcome of the US-China talks and their potential impact on the global economy and gold prices. The stability of gold prices in Pakistan on Saturday provides some relief, but the overall trend remains uncertain.