Gold Prices Plummet in Pakistan Amid Global Economic Shifts

Gold prices in Pakistan have experienced a significant decline, with a 24-karat gold and 10-gramme gold witnessing a drop of Rs2,100 and Rs1,800, respectively. The decline in gold prices follows a firming US dollar and rising Treasury yields, with spot gold and silver prices seeing a decrease in the international market.

According to recent trends, the value of gold as a safe-haven asset has been reaffirmed globally, as investors seek refuge from economic and political uncertainty. Despite the short-term decline, market experts anticipate a cautious Federal Reserve, which may adopt a measured approach to monetary policy easing next year. This cautious stance is expected to mitigate the fall in gold prices, allowing them to recover in the long term. The price of gold, which had fallen below Rs275,000 per tola, stabilised at Rs274,900 per tola for 24K gold and Rs235,682 for 10 grams.

The silver price, however, remained unchanged at Rs3,400 for one tola and Rs2,914.95 for 10 grams. The decline in gold prices can be attributed to a decrease of $21 in the international bullion market, where the price of gold settled at $2,637 per ounce. This decline in global rates led to a drop in gold prices in Pakistan, ultimately affecting the gold market and causing prices to plummet.

As the economic landscape evolves, investors will closely monitor the developments in the gold market, looking for signs of recovery and stabilisation. The gold price in Pakistan for the 18th of December 2024, as announced by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), reflects the current market conditions and highlights the importance of staying updated with the fluctuations in the gold market.