On Friday, there was bad news for the domestic gold market. The price of 24-karat gold fell by Rs1,400 per tola to Rs239,600. This is the fifth day in a row that gold prices have gone down, totaling a drop of Rs5,400 per tola.
The Karachi Sarafa Association also said that the price of 24-karat gold was Rs205,418 per 10 grams, down Rs1,201 compared to the previous day. Likewise, the price of 22-karat gold was down, now at Rs188,300 per 10 grams.
On the other hand, the prices of silver stayed the same in the local market. For instance, 24-karat silver was being sold at Rs2,620 per tola and Rs2,254.8 per 10 grams.
Internationally, the current spot rate for gold is $2,300.96, which is down by 0.11% compared to the last close.
The demand for gold is decreasing because tensions in the Middle East are calming down, making people less interested in investing in safe-haven assets like gold.
This trend of decreasing gold prices has been going on for the past week. For example, the international spot gold prices ended a seven-day winning streak, which was the longest since January 2023. In just a week, the price dropped by 2.26%, which is over $54 per ounce.
