Gold prices in Pakistan registered a sharp drop today, marking a significant correction after a period of sustained gains. The decline is largely attributed to a decrease in international bullion rates coupled with a strengthening Pakistani Rupee (PKR) in the interbank market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola fell by Rs3,300, settling at approximately Rs430,362.
Similarly, the rate for 10 grams of 24-karat gold decreased by Rs2,829, closing the day at around Rs368,966. The price for 10 grams of 22-karat gold also dipped to Rs338,231.
International and Local Factors
The downward movement in the local market mirrored the trend in the global bullion market, where the international gold rate per ounce settled lower, at $4,080, reflecting a decrease of $33.
Analysts point to several key factors driving the correction:
- Easing Global Tensions: Signs of reduced geopolitical tensions in international markets have lessened the demand for gold as a “safe-haven” asset, putting downward pressure on its price.
- Stronger Rupee: The strengthening of the Pakistani Rupee against the US Dollar in interbank trading has a direct impact on the local gold price, as bullion is globally benchmarked in US Dollars. A stronger PKR makes the imported commodity cheaper in local currency.
- Profit-Taking: After a record-setting rally in recent weeks, some investors are likely engaging in profit-taking, further contributing to the dip.
Silver Rates Also Lower
The silver market followed gold’s trajectory, with the price of 24-karat silver per tola dropping by Rs27 to Rs5,097. Internationally, silver also saw a marginal decline.
Local gold rates are dynamic and subject to frequent fluctuation, primarily influenced by the USD/PKR exchange rate and international commodity trends. Investors and consumers are advised to check current market rates with local jewelers and bullion markets before making any transactions.
nddailyupdates.news.blog 