On Thursday, the price of gold in Pakistan experienced a significant drop, with the cost of 24-karat gold declining by Rs1,000 per tola. This brings the current rate to Rs263,000 per tola, down from the previous day’s price. Despite this drop, the price of gold has seen considerable growth throughout the year.
Recent Gold Price Trends
Just yesterday, gold hit a record high in Pakistan. The precious metal has risen by Rs43,000 this year alone, marking a 19.6% increase. Investors and traders are keeping a close eye on the gold market as the US Federal Reserve’s potential monetary easing next week could influence future trends. This anticipation has already sparked significant movement in the market.
Gold Prices in Grams
As per the Karachi Sarafa Association, the price for 24-karat gold per 10-gram unit has also seen a decline, priced at Rs225,480, down by Rs857 from the previous day. Additionally, 22-karat gold now costs Rs206,690 per 10-gram unit, marking a drop in its value as well.
Silver Prices Remain Unchanged
While gold prices fluctuate, silver prices in Pakistan remained steady. The price of 24-karat silver is currently fixed at Rs2,900 per tola and Rs2,486 per 10-gram unit. Despite the changes in gold prices, the silver market has shown stability, maintaining the same rates.
Global Gold Market Updates
On the global stage, spot gold was trading at $2,515 per ounce, marking a slight increase of 0.14% or $3.6 from the previous session. This consistent movement in the international market continues to influence the domestic rates of gold.
Overview of Gold and Silver Price Movements
| Metal | September 12, 2024 | September 11, 2024 | Day-on-Day Change | 1-Month Change | Fiscal Year to Date (FYTD) | Calendar Year to Date (CYTD) |
|---|---|---|---|---|---|---|
| Gold (24-karat per tola) | Rs263,000 | Rs264,000 | -Rs1,000 | Rs6,500 | Rs21,300 | Rs43,000 |
| Silver (24-karat per tola) | Rs2,900 | Rs2,900 | No Change | Rs50 | Rs50 | Rs220 |
Conclusion
The recent drop in gold prices reflects ongoing market fluctuations, largely influenced by international factors such as the potential easing of US Federal Reserve policies. Investors should continue monitoring these changes closely. For regular updates on gold prices and market trends, head over to Daily Gold Signal. To check the latest gold updates, you can also explore Daily Gold Update.
