The local bullion market witnessed a significant drop in Gold prices as the price of 24 Karat per Tola fell by Rs 10,400, reaching the total price of Rs 432,236.
According gems jewellers Association, after a one-day break, gold prices have once again recorded a significant decline in the global and local gold market, after which a new debate has erupted among investors and buyers. The effects of the big drop in the price of gold in the international market were also clearly seen in the local market.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of 24-carat gold per tola has fallen by Rs 10,400, after which gold has come down to Rs 432,236 per tola. Similarly, the price of 10 grams of 24-karat gold fell by Rs 9,360, after which the new price of 10 grams of gold became Rs 368,985.
On the other hand, a significant decline has also been seen in silver prices. According to the data of the bullion market, silver per tola has become cheaper by Rs 487 to reach Rs 6,664, while the price of 10 grams of silver has also been recorded.
Pressure on gold prices continued in the international market as well, where gold per ounce fell to $ 4,098 after a significant decline of $ 104. According to experts, profit-taking by investors at the global level, the strength of the dollar, and expectations related to monetary policies are causing fluctuations in gold prices.
Analysts say that if the global gold price trend continues, the local market may also see further declines, which will benefit jewelry buyers. However, investors are keeping a close eye on the global economic situation and the supply and demand of precious metals.
According to experts, gold is seeking new price levels after the recent decline, while global economic decisions and investor behaviour in the coming days will determine the future of gold prices.
Read also: Gold prices increase in Local bullion market
