Key Takeaways
- Gold prices fell by Rs. 3,800 to Rs. 429,736 per tola.
- International gold rates decreased by $38 to $4,073 per ounce.
- Silver price dropped by Rs. 123 to Rs. 6,339 per tola.
Gold prices in Pakistan have experienced a significant drop, falling below the Rs. 4.3 lac mark for the first time this week. According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold per tola has decreased by Rs. 3,800 from its previous closing value on Saturday, settling at Rs. 429,736.
This decline in prices is part of a broader global trend, as international gold rates also saw a decrease of $38 to close the week at $4,073 per ounce. The drop in local and international markets has been attributed to panic among jewellers due to recent geopolitical tensions in the Gulf region.
The price of 10 grams of gold followed suit, decreasing by Rs. 3,258 to reach Rs. 368,429. This marks a notable shift from the previous day's closing rate of Rs. 433,536 per tola. The fluctuation in prices has caught the attention of both consumers and traders alike.
Silver prices also saw a decline, dropping by Rs. 123 to close at Rs. 6,339 per tola on Monday. This decrease is part of the overall market trend affecting precious metals globally. Traders are closely monitoring these changes as they impact their business operations and investment strategies.
The All Pakistan Sarafa Gems and Jewelers Association has been actively tracking these fluctuations and advises its members to stay informed about such market movements. The association also encourages consumers to take advantage of the current lower prices for purchasing gold and silver products.
While the exact reasons behind the panic among jewellers are not specified, it is understood that geopolitical tensions in the region have caused a surge in demand for safe-haven assets like gold. This has led to increased selling pressure on local markets as traders seek to capitalize on the situation.
