Gold price in Pakistan fell on Thursday, with 24-karat gold now priced at Rs303,000 per tola, a decrease of Rs3,300.
Key Highlights for Gold Price
- 24-karat gold per 10-gram dropped by Rs2,829, now at Rs259,773.
- 22-karat gold per 10-gram now stands at Rs238,133.
- Silver prices remained steady at Rs3,314 per tola and Rs2,841 per 10-gram.
- Global spot gold traded at $2,885 per ounce, down 1.17%.
Why Did Gold Price Drop in Pakistan?
Gold prices dropped due to the stronger U.S. dollar and investor concerns about upcoming inflation data. These factors affect global gold prices, which also impact Pakistan’s market.
Gold Market Update
- Support Level: Experts suggest gold may find support around $2,860 per ounce if the decline continues.
- Resistance Level: The next resistance level is around $2,920 per ounce.
- Pakistani Rupee Effect: The value of the Pakistani Rupee against the U.S. dollar also influences gold prices locally.
Global Market Impact
Gold prices are influenced by several global factors, including economic data, central bank policies, and geopolitical tensions. Recent economic reports from the U.S. indicate that inflation remains a key concern, leading to fluctuations in the dollar index. A stronger dollar typically puts downward pressure on gold prices, as it makes the precious metal more expensive for international buyers.
Additionally, central banks around the world continue to adjust their monetary policies in response to inflation and economic growth. The Federal Reserve’s stance on interest rates remains crucial, as higher rates tend to weaken gold’s appeal as a non-yielding asset.
Local Market Trends
In Pakistan, gold demand often rises during wedding seasons and festive periods, leading to price increases. However, the recent drop in gold rates might encourage buyers looking for an investment opportunity. Traders and jewelers expect price fluctuations to continue depending on currency exchange rates and international market movements.
Expert Opinion
Experts believe this price drop could be temporary. “Gold remains a safe investment, especially in uncertain economic times,” said a market analyst.
Conclusion
Gold price in Pakistan have fallen, following global trends. Investors should stay updated on inflation and currency changes that could impact gold rates. For daily updates, visit Daily Gold Signal.
For more market insights, check out Daily Gold Updates.
