The gold market in Pakistan witnessed a notable decline on Saturday, as the price of 24-karat gold dropped by Rs. 500 per tola, settling at Rs. 300,000.
Gold prices have been on a downward trajectory over the past few days. On Monday, February 24, the price of 24-karat gold stood at Rs. 309,500 per tola, marking a total drop of Rs. 9,500 within the span of a week.
Gold Rate in Pakistan Falls Again
Over the last four days, gold prices have seen a significant reduction, declining by nearly Rs. 10,000 per tola.
The price of 10 grams of 24-karat gold experienced a decline of Rs. 438, bringing it down from Rs. 257,639 to Rs. 257,201.
Similarly, the 22-karat gold price also dropped, witnessing a reduction of Rs. 393, from Rs. 236,169 to Rs. 235,776.
While the primary focus remains on gold prices, the silver market also saw a shift. The price per tola of silver decreased by Rs. 10, landing at Rs. 3,240. However, the price of 10-gram silver increased by Rs. 9, settling at Rs. 2,777.
The global gold market also experienced a slight downturn, impacting local prices. The price of gold in the international market decreased by $6, moving from $2,863 to $2,857 per ounce.
Factors Influencing Gold Prices in Pakistan
Gold prices in Pakistan are closely linked to global market trends. A drop in international gold prices leads to a corresponding decline in domestic rates.
The US Dollar to Pakistani Rupee exchange rate also significantly impacts gold prices. A weaker Pakistani Rupee generally results in higher gold prices, while a strengthening Rupee leads to a decrease.
Inflation rates and overall economic stability influence investors’ decisions regarding gold. When inflation rises, people tend to invest more in gold as a hedge, leading to increased demand and higher prices.
