The price of gold in Pakistan saw a significant decline on Wednesday, with the rate for 24-karat gold falling by Rs1,400, bringing the price to Rs260,100 per tola. This marks a notable decrease for gold investors and consumers alike.
Decrease in Gold Prices
According to the Karachi Sarafa Association, the price of 24-karat gold per 10-gram was recorded at Rs222,994, reflecting a reduction of Rs1,200. Similarly, 22-karat gold also witnessed a drop, being sold at Rs204,411 per 10-gram, showing a downward trend in the local market.
Silver Prices Also See a Decline
In addition to gold, silver prices also dropped in the domestic market. The price of 24-karat silver declined by Rs50 per tola, bringing it to Rs2,900. The price of silver per 10-gram also decreased by Rs43, settling at Rs2,486.
Global Gold Market Impact
On the global stage, spot gold traded around $2,483 per ounce, showing a decrease of $10.7 or 0.43% from the previous trading session. This decline in global gold prices has influenced the domestic market as well, contributing to the decrease in gold prices in Pakistan.
Gold Price Changes Over Time
Over the past month, the price of 24-karat gold has increased by Rs3,600. However, since the start of the current fiscal year, the increase has been more substantial, with a rise of Rs18,400. For the calendar year, the gold price has surged by Rs40,100, indicating a strong upward trend overall despite the recent dip.
Conclusion
The decrease in gold price in Pakistan is notable for both buyers and investors. To stay updated with the latest trends in the gold market, visit the Daily Gold Signal website. For more detailed updates on daily gold prices, you can check out their daily gold update section.
