Gold price in Pakistan dropped sharply on Monday. The price of 24-karat gold fell to Rs278,400 per tola, down by Rs4,300. This drop has drawn the interest of both buyers and investors.
In the global market, gold prices also declined. Spot gold was priced at $2,683 per ounce, which is $36.7 or 1.35% lower than the previous session.
Why Did Gold Prices Drop?
Investors Cashing in Profits
The drop in gold price Pakistan happened as investors sold gold to lock in profits after last week’s price increase. That increase was due to rising geopolitical tensions, which had boosted demand for gold as a safe investment.
Impact of US Treasury News
Another reason is the announcement of Scott Bessent as the new U.S. Treasury Secretary. According to Reuters, this announcement lowered the demand for gold as a safe investment.
Gold and Silver Prices in Pakistan
The following rates were provided by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA):
- 24-karat gold (10-gram) is now priced at Rs238,683, after a Rs3,687 drop.
- The price of 22-karat gold (10-gram) stands at Rs218,793, reflecting a further drop.
- Silver prices remain stable at Rs3,450 per tola and Rs2,957 per 10-gram.
Gold Price Trends
The table below outlines the fluctuations in gold prices in Pakistan:
| 24-Karat Gold Price (PKR) | Nov 25, 2024 | Nov 23, 2024 | Change | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 278,400 | 282,700 | -4,300 | -5,900 | 36,700 | 58,400 |
| Silver | 3,450 | 3,450 | 0 | 100 | 600 | 770 |
What’s Next for Gold Buyers?
Gold prices depend on both global and local market conditions. The recent drop reminds us how sensitive gold prices are to changes in politics and investor behavior. However, gold remains a popular choice for people who want to protect their money in the long run.
For more daily updates, visit Daily Gold Signal. You can also check the latest gold news at Daily Gold Update.
