Gold Prices Fall in Pakistan, Silver Rates Rise

KARACHI: Gold prices in Pakistan dropped on Thursday after two days of gains, mirroring a similar trend in global markets. The rate for 24-karat gold per tola fell by Rs2,500, settling at Rs407,778. Meanwhile, the price of 10 grams of 24K gold declined by Rs2,144, bringing it down to Rs349,603. The 22-karat gold rate also dropped, with 10 grams now priced at Rs320,481, reflecting a decrease of Rs1,965.

This sharp drop follows a recent surge in gold prices, which had reached record highs earlier in the week. However, changing market conditions and fluctuations in global demand appear to have triggered the current correction. Gold traders expect continued volatility in the short term. They attribute the price fall to a stronger dollar and reduced safe-haven buying.

International markets showed a similar pattern. The global gold price fell by $25, bringing it to $3,865 per ounce. This marked a significant pullback from recent highs. Analysts say investor confidence is shifting due to economic signals from major markets. Uncertainty around interest rates and inflation continues to influence gold trading worldwide.

In contrast, silver prices moved upward both locally and internationally. In Pakistan, 24-karat silver per tola rose by Rs13, now priced at Rs4,839. The price for 10 grams of silver increased by Rs11 to reach Rs4,148. Globally, silver gained $0.13 to trade at $47.40 per ounce. The rise in silver is being linked to industrial demand and supply dynamics.

Overall, the bullion market showed mixed signals on Thursday. While gold prices corrected from record levels, silver showed a modest upward trend. Traders are keeping a close eye on global financial developments. Experts suggest buyers and investors monitor the market closely as price shifts remain highly likely in the coming days.