Gold rates in Pakistan took a significant dive this weekend, surprising both investors and buyers alike. According to the latest update from the All Pakistan Sarafa Gems and Jewelers Association, the price of 24-karat gold per tola dropped by Rs. 5,500, landing at Rs. 320,000. Just a day earlier, it was being traded at Rs. 325,500.
This steep decline reflects a broader trend in the global precious metals market, affecting not just gold but silver prices as well.
24-Karat and 22-Karat Gold Prices Decline Across the Board
The rate of 10 grams of 24-karat gold also experienced a sharp fall, decreasing by Rs. 4,714, now standing at Rs. 274,348, down from Rs. 279,063. Similarly, 22-karat gold saw a decline of Rs. 4,322 per 10 grams, settling at Rs. 251,494 as compared to the previous Rs. 255,817.
The consistent decrease indicates a ripple effect from the international market, leading to price adjustments across local exchanges.
Silver Prices Also Take a Hit
Not only did gold prices dip, but silver saw a noticeable reduction as well. The price per tola of silver dropped by Rs. 460, now sitting at Rs. 3,120. In parallel, the price for 10 grams of silver fell by Rs. 395, down to Rs. 2,674.
These reductions could potentially encourage short-term buyers, but also suggest uncertainty for long-term investors.
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Global Market Trends Contribute to Local Drops
The international market plays a key role in determining local gold and silver prices. Recently, the price of gold on the global stage decreased by $51, now at $3,038, compared to the earlier $3,089. Meanwhile, silver dipped by $4.5, falling to $29.59.
This global shift directly influenced the price correction witnessed in Pakistan, hinting at possible volatility ahead.
Final Thoughts
This major dip in gold and silver prices could present both opportunities and risks for investors, traders, and everyday buyers. As always, keeping an eye on both local and global trends is crucial for making informed decisions.