Key Takeaways
- Gold prices in Pakistan fell 5 days in a row, dropping Rs. 17,000 per tola.
- The price of 24-karat gold now stands at Rs. 422,036 per tola.
- International gold prices fell to $3,995 per ounce.
Gold prices in Pakistan have experienced a significant decline over the past five trading days, with the precious metal losing Rs. 17,000 per tola. The latest drop, which occurred on Saturday, saw the price of 24-karat gold fall by Rs. 2,500 to Rs. 422,036 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10 grams of 24-karat gold decreased by Rs. 2,144 to Rs. 361,827, while 10 grams of 22-karat gold dropped by Rs. 1,966 to Rs. 331,686. The losing streak began on Tuesday, when the price per tola fell by Rs. 3,600, followed by a further Rs. 900 on Wednesday and Rs. 3,000 on Thursday. The biggest drop occurred on Friday, when the price per tola plummeted by Rs. 7,000 to Rs. 424,536.
Before the recent decline, gold was trading at Rs. 439,036 per tola. It is now approximately Rs. 20,000 below its monthly peak of Rs. 442,036, recorded on October 10. Last week, gold prices started closing below key levels in the local market, indicating a shift in the market dynamics.
The local market followed the global trend, with international gold prices falling by $25 to $3,995 per ounce. Silver prices also saw a slight decrease, with the price per tola dropping by Rs. 7 to Rs. 5,858, and 10 grams of silver falling by Rs. 6 to Rs. 5,022.
The latest slide has erased the gains gold made in the first half of October, when it briefly crossed Rs. 442,000 per tola. Analysts suggest that the decline is part of a broader global trend, with investors responding to economic and market conditions.
