Gold Rates Plummet in Pakistan Market
The decline in gold prices has led to a significant decrease in the cost of gold in the local market, with experts attributing the change to global market trends. The All Pakistan Sarafa Gems and Jewellers Association closely monitors the prices, providing updates on the fluctuations in gold and silver rates.
Gold prices in Pakistan have dropped significantly, with a decline of Rs 1,500 per tola, now costing Rs 355,500 in the local market, while 10 grams of gold also decreased by Rs 1,286 to Rs 304,783.
The fluctuation in gold prices is attributed to changes in both local and international markets. Global gold prices fell by 15 dollars per ounce to 3,335 dollars per ounce, directly impacting Pakistan's gold rates. Experts emphasize that investors and buyers are closely monitoring the market for further changes, as the global market trends have a significant influence on local gold prices.
However, gold prices had previously surged in Pakistan following a strong increase in the international market. The global gold price jumped by $66 to reach $3,348 per ounce, resulting in local gold prices rising by Rs6,600 per tola to Rs356,800, and 10 grams increasing by Rs5,658 to Rs305,898. Additionally, silver prices experienced a strong comeback, with an increase of Rs52 per tola to Rs3,864 and Rs45 to Rs3,287 for 10 grams.
The frequent fluctuations in gold prices in Pakistan are a result of international market trends, with local gold markets and Sarafa markets in different cities reflecting these variations. As the global market continues to influence local gold prices, investors and buyers remain cautious, awaiting further changes in the market.