Gold prices in Pakistan continued to decline on Thursday, following a downward trend in the international market. The price of gold per tola dropped by Rs. 3,500, reaching Rs. 433,862 in local markets.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold also fell by Rs. 3,001, settling at Rs. 371,966. The previous day, local gold prices had already decreased significantly by Rs. 7,538, reaching Rs. 437,362 per tola.
The decline in gold reflects both local and international factors. Globally, gold prices fell due to a stronger US dollar and investor caution ahead of key US inflation data, which could influence future interest rate decisions. As of 03:10 GMT, spot gold was down 0.2% at $4,084.29 per ounce.
Meanwhile, US gold futures for December delivery rose slightly by 0.9%, reaching $4,100.90 per ounce, indicating mixed signals in the international market. Analysts suggest that global economic indicators, currency fluctuations, and investor sentiment are key factors affecting gold prices.
Silver prices in Pakistan remained stable, holding steady at Rs. 5,110 per tola, showing that precious metals are reacting differently to market pressures.
Market experts believe that the fall in gold prices could present buying opportunities for investors, but they advise caution due to potential volatility in the coming weeks.
The ongoing decline in gold highlights the influence of international market trends on local pricing. Investors and traders are closely monitoring both global and domestic developments, including currency movements and economic data, to make informed decisions about gold trading and investment.
In other related news also read Gold Set for Biggest Weekly Surge Since 2008
The current situation emphasizes the need for buyers and sellers to stay updated on market trends and anticipate potential changes in gold prices based on global economic shifts.
