Gold prices in both the global and local markets saw a dramatic fall, marking the third-largest decline in history. In Pakistan, the price of 24-karat gold plummeted by Rs9,100 per tola, dropping to Rs430,662. This sharp fall has sent shockwaves through the local gold market, with gold’s price per 10 grams also seeing a decrease of Rs7,799, bringing it to Rs369,223. The 22-karat gold was similarly impacted, with a drop of Rs7,152, leaving its price at Rs338,466 for 10 grams.
The global gold market mirrored these trends, with gold losing $91 per ounce. The new price for gold on the international market stands at $4,083 per ounce. Analysts attribute this sharp decline to a strengthening of global currencies, which has decreased demand for gold as a safe haven asset. Additionally, cautious investor sentiment has played a significant role in driving the price down, as market uncertainty continues to influence trading patterns.
Silver prices also saw a decline, following the drop in gold. The price of 24-karat silver fell by Rs209 per tola, settling at Rs5,313. Similarly, 10 grams of silver are now being sold for Rs4,555. This drop in both gold and silver prices is a reflection of broader economic trends and global market shifts.
Market observers predict that the prices of precious metals, including gold and silver, may remain volatile in the coming weeks. The uncertainty in the global financial markets, combined with rising interest rates and currency fluctuations, continues to affect investor behavior. These factors may keep precious metals under pressure in the short term.
Despite the recent price drop, many investors remain hopeful that gold and silver will rebound in the future as global economic conditions evolve. The recent sharp decline, while significant, is part of a broader market trend influenced by shifting investor priorities and global economic forces.
