The gold price in Pakistan recorded a decline on Monday, with the 24-karat gold rate reducing by Rs800 per tola, settling at Rs277,000. This decrease marks a shift in the local market for gold buyers and investors.
Gold Prices See Notable Decline
According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), 24-karat gold per 10-gram also dropped by Rs687, bringing its price to Rs237,482. Meanwhile, 22-karat gold, which is another popular option, was priced at Rs217,693 per 10-gram.
This downward trend in gold prices highlights a recent fluctuation in the precious metals market, providing a potential opportunity for gold enthusiasts.
Stability in Silver Prices
Contrary to gold, silver prices remained unchanged in the domestic market. The price of 24-karat silver held steady at Rs3,400 per tola and Rs2,915 per 10-gram. This stability offers some relief for silver traders and buyers.
Gold Market Overview: December Trends
December Gold Price Summary (PKR):
| Category | Dec 16, 2024 | Dec 13, 2024 | DoD | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold (24-karat) | 277,000 | 277,800 | -800 | 9,600 | 35,300 | 57,000 |
| Silver (24-karat) | 3,400 | 3,400 | 0 | 150 | 550 | 720 |
The table above shows a clear day-over-day decrease in gold prices while silver remains constant. This indicates differing dynamics in the two markets.
Global Market Update
On the international front, spot gold traded near $2,663 an ounce, gaining $11.7 or 0.44% compared to the previous session. This rise was fueled by a softer dollar and cautious sentiment among investors ahead of the U.S. Federal Reserve’s policy meeting.
The Federal Reserve’s decision could set the tone for future gold prices as it provides insights into 2025’s economic outlook and interest rate trajectory.
Key Takeaway for Investors
While the local market experienced a decline in gold prices, global trends showed an upward movement. This divergence highlights the importance of monitoring both domestic and international markets when making investment decisions.
For further insights into the gold market, visit Daily Gold Signal for updates. Additionally, explore Daily Gold Update for the latest trends and analyses.
