Gold prices took a sharp fall recently, dropping Rs7,000 per tola. The current price for 24-karat gold now stands at Rs270,500 per tola. This recent drop reflects changes in both local and international markets, mainly due to the impact of a stronger U.S. dollar. When the dollar strengthens, it generally increases the cost of gold for buyers in other countries. This article explains why gold prices have fallen, reviews recent gold and silver prices, and provides an outlook on the gold market.
Why Did Gold Prices Fall?
Gold prices have been declining since the U.S. dollar gained strength after the recent U.S. presidential election. A strong dollar raises the cost of gold for international buyers, which typically decreases demand and drives the price down. Usually, gold prices rise during times of uncertainty, but this dollar increase has shifted the trend.
Gold and Silver Prices in Pakistan
In Pakistan, the Karachi Sarafa Association reported a significant decrease in gold prices. The price of 24-karat gold per 10 grams dropped by Rs6,000 to Rs231,911. The price for 22-karat gold also fell, now at Rs212,584 per 10 grams. Silver prices declined as well, with 24-karat silver selling at Rs3,250 per tola (down Rs50) and Rs2,786 per 10 grams (down Rs43).
Current Gold and Silver Price Summary
| Metal | Price (24-karat per tola) | Day-Over-Day Change | 1-Month Change | FYTD Change | CYTD Change |
|---|---|---|---|---|---|
| Gold | Rs270,500 (Nov 12, 2024) | -Rs7,000 | -Rs5,000 | +Rs28,800 | +Rs50,500 |
| Silver | Rs3,250 (Nov 12, 2024) | -Rs50 | +Rs200 | +Rs400 | +Rs570 |
Currently, gold stands at Rs270,500 per tola, and silver is priced at Rs3,250 per tola. Monitoring these prices regularly can help buyers and investors make informed decisions.
For daily updates on gold and silver prices, check out Daily Gold Signal. Also, explore their Gold Market Updates for more detailed insights and analysis.
