Gold Prices Plummet in Pakistan Amid Global Decline

The gold market in Pakistan saw a significant downturn on Friday, with 24-karat gold per tola selling at Rs 277,800, down from Rs 282,800 the previous day. This decline follows a broader trend in global markets, where the price of gold dropped by $50 to $2,666 per ounce.

The price of 10 grams of 24-karat gold also decreased to Rs 238,169 from Rs 242,455, while silver prices saw a decrease as well. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10-gram gold fell by Rs 4,286 to Rs 238,169. The global decline in bullion prices had a ripple effect on the domestic market, causing a significant fall in gold and silver prices in Pakistan.

It's worth noting that gold prices are heavily influenced by global fluctuations, including those in Saudi Arabia. The price of 24-karat gold in Saudi Arabia surged to 3,815 SAR per tola, which also plays a role in shaping the gold market in Pakistan. Gold is often held by central banks and investors as a safe-haven asset, used to diversify investment portfolios and protect against inflation. As a result, changes in global gold prices can have a significant impact on the domestic market.

The recent decline in gold prices in Pakistan marks a significant shift in the market, and it remains to be seen how the situation will develop in the coming days. The All Sindh Saraf Jewellers Association reported that the global bullion value declined by $50 per ounce, averaging $2,666 per ounce, and $31 per ounce for silver. As the global market continues to fluctuate, it's essential to keep a close eye on the developments in the gold market, both locally and internationally.