Gold price in Pakistan decreased on Wednesday, with 24-karat gold now priced at Rs240,600 per tola, a drop of Rs900.
Recent Gold Price Trends
The gold price in Pakistan has been kept Rs1,500 below its actual cost due to a reduction in purchasing power. The Karachi Sarafa Association reported the price of 24-karat gold at Rs206,276 per 10-gram, down Rs771 per tola. The price of 22-karat gold was also lower at Rs189,086 per 10-gram.
Reasons for the Decline
Economic factors and reduced purchasing power are significant reasons for this decline. The weakening of the Pakistani Rupee against the US Dollar has also impacted gold prices. Seasonal variations and reduced demand during certain times of the year can lead to price drops.
Silver Prices Remain Steady
Meanwhile, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,850 per tola and Rs2,443 per 10-gram. This stability in silver prices is attributed to steady demand and supply balance. Unlike gold, silver often experiences less dramatic price fluctuations.
Global Gold Market Update
On the global front, spot gold traded near $2,316 an ounce. This marked a decline of $14.4 or 0.62% from the previous session. Factors influencing global gold prices include geopolitical tensions, changes in interest rates, and shifts in investor sentiment.
Impact on Local Market
The decline in gold prices affects local traders and consumers. Lower prices may encourage buying, but sellers might experience reduced profit margins. Jewelry makers and retailers closely monitor these price changes to adjust their pricing strategies accordingly.
| PKR (24-karat per tola) | Jun 26, 2024 | Jun 25, 2024 | DoD | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 240,600 | 241,500 | -900 | -200 | 24,600 | 20,600 |
| Silver | 2,850 | 2,850 | 0 | 50 | 300 | 170 |
For more details on daily gold updates, visit the Daily Gold Signal. You can also check out the Daily Gold Update for the latest trends and insights.
