On Wednesday, gold prices in Pakistan witnessed a sharp decline, with 24-karat gold being traded at Rs240,600 per tola. This drop signifies a substantial decrease of Rs400 per tola. Additionally, the gold price has been deliberately kept Rs3,000 lower than its actual value, highlighting the reduced purchasing power in the country.
Current Market Situation
According to the Karachi Sarafa Association, the price of 24-karat gold prices in Pakistan was recorded at Rs206,276 per tola per 10-gram, showing a reduction of Rs343. Likewise, 22-karat gold also faced a decline, standing at Rs189,086 per 10-gram. However, silver prices remained steady in the local market. The 24-karat silver price was Rs2,820 per tola and Rs2,418 per 10-gram.
Global Market Impact
Globally, spot gold was trading around $2,331 an ounce, experiencing a slight increase of $2.5 or 0.11% compared to the previous session. This rise contrasts with the downward trend observed in Pakistan.
Future Outlook for Gold Prices in Pakistan
Looking ahead, the future of gold prices in Pakistan remains uncertain. Economic experts suggest that unless there is a significant improvement in the country’s economic situation, including stabilization of the currency and a reduction in inflation, gold prices may continue to face downward pressure. However, if global economic conditions worsen, we could see a rebound in gold prices as investors turn to safe-haven assets.
In conclusion, the local gold market in Pakistan faces a significant downturn, while the global market shows a minor uptrend. The factors driving this divergence could be crucial for investors to consider.
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