The gold market in Pakistan witnessed a decline for the fourth consecutive day, with the price of 24-karat gold dropping by Rs1,800, bringing it to Rs240,200 per tola on Friday. This recent decrease reflects a correction in the market that aligns more closely with international prices.
Recent Trends in the Gold Market
Previously, gold price in Pakistan had been on the rise, largely influenced by the global market. Many gold dealers were compelled to sell at rates up to Rs4,000 below the actual price due to reduced purchasing power in the local market. However, recent shifts have now balanced gold prices to match the international market, including fluctuations in exchange rates.
Gold Price Updates for 10 Grams
According to the Karachi Sarafa Association, the price of 24-karat gold has decreased by Rs1,543, setting the new price at Rs205,933 per 10 grams. Similarly, 22-karat gold also experienced a decline, with the price now standing at Rs188,772 per 10 grams. This reduction is consistent with the global gold price trend, which has seen a significant fall this week.
Silver Prices Remain Stable
While gold prices saw noticeable declines, the price of silver remained unchanged in the local market. The 24-karat silver was sold at Rs2,800 per tola and Rs2,400.54 per 10 grams.
Global Market Impact on Gold Prices
Globally, the price of spot gold dropped by more than 2%, a decrease of $50 per ounce, following a 1.74% decline earlier in the week. The Federal Reserve’s policy decisions have played a major role in this trend. In a recent meeting, officials indicated their intent to maintain higher interest rates for a longer period to tackle inflation, which in turn has influenced global commodity prices, including gold.
Moreover, China, one of the largest consumers of gold, experienced a decline in imports last month. Demand dropped due to the high prices, with physical gold purchases falling to 136 tons, a 30% decrease from the previous month. This marks the lowest demand for gold in China this year, based on recent customs data.
International Silver Price Movement
Similar to gold, silver prices also dropped on the international stage. The price fell by over 2%, bringing it down to $30.13 per ounce. This drop is consistent with the overall trend in precious metal markets as economic conditions and global demand continue to fluctuate.
In summary, the recent decline in gold prices in Pakistan reflects larger global trends influenced by economic policies and market corrections. For more insights into gold price movements and daily updates, you can explore the Daily Gold Updates section. You can also stay informed about real-time gold signals and other market trends through Daily Gold Signal.
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