The gold price per tola in Pakistan witnessed a sharp decline of Rs2,000, settling at Rs307,000 on Friday.
This decrease comes just after gold had surged to an all-time high of Rs309,000 in the previous session.
Gold Prices Per 10-Gram Also Decline
In addition to the per tola rate, the price of 10-gram gold also recorded a significant dip. On Friday, it fell by Rs1,714, bringing the new price to Rs263,203.
The international price of gold experienced a decline on Friday, marking a $23 decrease, bringing the new rate to $2,930 per ounce, inclusive of a $20 premium. The APGJSA confirmed this drop as a primary reason for the corresponding fall in domestic gold prices.
Silver Prices Also Fall in Pakistan
It wasn’t just gold that saw a price drop. The price of silver also declined by Rs38 per tola, bringing it to Rs3,430 per tola. Similarly, 10-gram silver was priced at Rs2,940, reflecting a drop in demand for precious metals.
The gold market has been highly volatile in recent weeks. Below is a summary of the fluctuations observed:
- Thursday: Gold price surged to a record high of Rs309,000 per tola.
- Friday: Prices dropped by Rs2,000 per tola, settling at Rs307,000.
- Global market: Gold price decreased by $23 per ounce, reaching $2,930 per ounce.
Future Predictions for Gold Prices in Pakistan
Given the recent volatility in the gold market, investors and traders are closely monitoring upcoming economic indicators. Some factors to consider include:
If the US Federal Reserve signals more interest rate hikes, it could lead to further declines in gold prices. Conversely, a pause or reduction in rates might support a rebound in gold’s value.
Gold is often considered a hedge against inflation. If inflation continues to rise, demand for gold may increase, pushing prices higher. However, lower inflation may weaken its appeal.
Many central banks continue to accumulate gold reserves, which may provide a cushion against excessive price drops.
