The price of gold in Pakistan experienced its second major decrease this week, falling by Rs. 5,500 per tola on Thursday. This drop comes after a similar decline earlier in the week, marking a significant reduction in the precious metal’s value.
Latest Price Decrease
According to the All-Sindh Sarafa Jewellers Association, the price of 24-carat gold fell by Rs. 5,500 per tola, bringing it down to Rs. 266,400. Meanwhile, the price of 10 grams of gold decreased by Rs. 4,716, dropping to Rs. 228,395.
International Market Influence
The decrease in gold prices in Pakistan follows a similar trend in the international market. The price of gold globally dropped by $55, falling from $2,607 to $2,552 per ounce. This shift in international prices has played a role in the decline observed in the local market.
Earlier Decrease This Week
Earlier in the week, on November 12, the price of gold had already seen a significant dip of Rs. 7,000 per tola. This second drop further amplifies the declining trend in the value of gold over the past few days.
Gold Price Down from Record High
The price of gold in Pakistan is now more than Rs. 21,000 lower than its all-time high of Rs. 287,900 per tola, which was recorded towards the end of October. This sharp decrease in price comes as a relief to some buyers who had previously found the precious metal unaffordable at its peak value.
Market Fluctuations
The fluctuation in gold prices has raised concerns among buyers and investors. While some see the price drop as an opportunity to purchase gold at a lower rate, others are uncertain about future trends. Experts suggest that the market may continue to experience volatility due to global economic conditions.
Impact on Local Buyers
Local buyers and investors are closely monitoring the price movements. Many had refrained from purchasing gold during its price hike due to high costs. With the recent decreases, there may be an uptick in demand for gold as a safer investment option during times of economic uncertainty.
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