The gold price in Pakistan experienced a significant drop on Friday. The rate for 24-karat gold dropped by Rs2,000 per tola, settling at Rs271,300, as reported by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). This decline comes amidst fluctuations in the global and domestic gold markets.
Gold Price Update in Pakistan
Current Rates for Gold and Silver
The cost of 10 grams of 24-karat gold decreased by Rs1,715, reaching Rs232,596. Similarly, 22-karat gold was priced lower at Rs213,213 per 10 grams. Meanwhile, silver rates remained steady in the local market, with 24-karat silver selling at Rs3,350 per tola and Rs2,872 per 10 grams.
Table: Price Comparisons (PKR per tola and per 10 grams)
Global Market Trends for Gold
In the international market, spot gold traded near $2,603 per ounce, gaining $10 (or 0.38%) from the prior session. This increase reflects easing pressure from the U.S. dollar, which retreated ahead of the release of the Personal Consumption Expenditure (PCE) data. However, the Federal Reserve’s firm stance on interest rates kept gold on course for a weekly decline.
Factors Affecting Gold Prices
- Domestic Factors: Economic fluctuations and market demand directly impact local gold rates.
- Global Factors: Dollar index movements, Federal Reserve policies, and geopolitical developments influence international gold prices.
Stability in Silver Prices
While gold prices fluctuated, silver maintained its rates, underscoring its relative stability in the local market. Investors often consider silver as a less volatile option compared to gold.
Conclusion
The recent decrease in gold prices highlights the dynamic nature of the bullion market. Investors and buyers must stay informed about both local and international trends to make informed decisions.
For regular updates and expert insights on gold prices, visit Daily Gold Signal. You can also explore the Daily Gold Update section for global market trends.
