The gold price in Pakistan saw another significant drop on Tuesday, with 24-karat gold priced at Rs274,300 per tola. This marked a decline of Rs4,100 from the previous day. Over the last two days, the local gold market has faced a notable loss of Rs8,600 or 3.04% per tola.
Globally, spot gold also experienced a sharp dip, closing at $2,625.62 per ounce. The reduction of $90.72, or 3.34%, from the prior session was attributed to profit-taking by investors following a recent rally driven by geopolitical concerns. This article delves into the reasons behind these changes and their implications for the market.
Global Trends and Investor Behavior
Globally, the drop in spot gold prices played a critical role in influencing domestic rates. Investors took profits after last week’s impressive surge caused by escalating geopolitical tensions.
Additionally, Scott Bessent’s appointment as the U.S. Treasury Secretary discouraged safe-haven buying. This news limited gold’s appeal, as highlighted by reports from Reuters.
Domestic Gold Market Updates
The All-Pakistan Gems and Jewelers Sarafa Association (APGJSA) provided updated rates, noting that 24-karat gold for 10 grams dropped by Rs3,515, settling at Rs235,168. Similarly, the price for 22-karat gold was reported at Rs215,571 per 10 grams.
Interestingly, silver prices remained unchanged in the domestic market. The cost of 24-karat silver stood at Rs3,400 per tola and Rs2,915 per 10 grams.
Gold Price Trends: A Quick Overview
| Date | Gold Price (24-karat per tola) | Day-on-Day (DoD) | Monthly Change | FYTD Change | CYTD Change |
|---|---|---|---|---|---|
| Nov 26, 2024 | Rs274,300 | -4,100 | -10,000 | 32,600 | 54,300 |
| Nov 25, 2024 | Rs278,400 |
Despite the drop, gold prices have seen significant gains since the start of the financial and calendar year.
Conclusion
The gold price in Pakistan has fluctuated significantly due to global trends and local market dynamics. This recent decline reflects a combination of profit-taking and reduced safe-haven demand amidst geopolitical developments. For more updates, explore daily gold price trends on our website or visit the Daily Gold Update section.
