Gold prices in Pakistan dropped on Friday, following a similar trend in the international gold market. The decline comes after gold hit an all-time high a day earlier, reflecting global price movements.
Gold Prices Drop by Rs2,000 Per Tola
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold prices fell by Rs2,000 per tola, bringing the new rate to Rs318,800. Similarly, the price for 10 grams of gold decreased by Rs1,712, settling at Rs273,319.
This drop follows a significant price surge on Thursday, when gold reached a record Rs320,800 per tola. The reversal in prices signals a correction in the market, influenced by international trends.
International Gold Prices Also Decline
The global gold market also experienced a dip. The APGJSA reported that international gold prices stood at $3,031 per ounce (including a $20 premium), marking a $19 decrease compared to the previous day.
Gold prices fluctuate based on various factors, including demand, inflation rates, currency values, and global economic conditions. The latest decline reflects profit-taking by investors and adjustments in international markets.
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Silver Prices Also See a Decline
Alongside gold, silver prices in Pakistan also dropped. The price per tola fell by Rs49, bringing the new rate to Rs3,475. This aligns with a broader trend of price adjustments in the precious metals market.
Market Experts Weigh In
Experts believe the recent volatility in gold prices is due to shifting global economic conditions and investor sentiment. Rising inflation concerns and central bank policies have played a role in recent price movements.
Despite the temporary drop, gold remains a popular investment choice, especially during times of economic uncertainty. Investors are closely monitoring global trends to anticipate future price movements.
Goldās Position in Pakistanās Market
Gold has historically been a safe-haven asset in Pakistan, especially in times of economic instability. Fluctuations in its price impact both investors and consumers, particularly in the jewelry industry.
While Fridayās dip has offered some relief after Thursdayās record high, the market remains unpredictable. Prices could rise again depending on global demand, currency fluctuations, and investor behavior.
For now, buyers and investors are closely watching market trends, waiting to see whether prices stabilize or continue to fluctuate in the coming days.
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