Gold prices have decreased in both international and local markets, as reported by industry sources.
The dip came a day after gold surged to a new all-time high of Rs257,300 per tola (11.66 grams) in Pakistan. The surge was attributed to weaker US employment data and escalating political tensions in the Middle East.
According to the All Pakistan Sarafa Gems and Jewellers Association, reported that bullion increased by $26 per ounce (31.10 grams) to $2,468 at the time of determining the local market price. Gold reached an intra-day high of $2,477, just $6 below the record high of $2,483 set on July 17, 2024.
In the international bullion market, the per ounce price of gold dropped by $15, bringing the new price to $2,443. This decline reflects a shift in global market dynamics affecting precious metals.
Similarly, in local markets, the price of 24-karat gold per tola fell by Rs. 500, settling at Rs. 256,800. The price of 10 grams of gold also decreased by Rs. 429, reaching Rs. 220,165.
Contrary to the decline in gold prices, silver prices in the country remained stable. The price of silver per tola stayed unchanged at Rs. 2,900, while the price for 10 grams of silver held steady at Rs. 2,486.28.
The reduction in gold prices has been attributed to various factors, including fluctuations in international market demand and changes in investor sentiment. Analysts suggest that this trend may continue as global economic conditions evolve.
Market participants and consumers are closely monitoring these developments, as the pricing of gold and silver significantly impacts investment strategies and consumer purchasing decisions in the region.