In line with the international market, gold prices in Pakistan continued their downward trajectory on Tuesday, offering some relief to local buyers. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs600, bringing it down to Rs274,900. Similarly, the price for 10-gram gold fell by Rs515, settling at Rs235,682.
This marks the second consecutive day of price decreases, following Monday’s Rs500 drop, which saw the rate for one tola of gold close at Rs275,500. Despite these recent declines, the precious metal reached a record high of Rs277,000 per tola just last week, fueled by global market conditions.
In the international market, the price of gold also decreased on Tuesday. According to APGJSA, the international rate stood at $2,647 per ounce (including a premium of $20), down by $6 from the previous day.
While the price of gold has seen a recent drop, silver prices have remained stable at Rs3,050 per tola.
Factors Behind Price Movements
Industry experts have attributed the fluctuations in gold prices to a variety of global factors. Geopolitical tensions in the Middle East, Federal Reserve interest rate adjustments, and heightened demand in major markets like China and India have all contributed to the recent volatility in the price of the precious metal.
The dip in rates is being watched closely by both investors and consumers, as gold remains a popular hedge against economic uncertainty. The situation in the global economy, particularly in the wake of rising inflation and interest rate policies, continues to influence market dynamics, making the precious metal a sought-after asset.
As the geopolitical landscape and global economic trends evolve, gold prices are expected to fluctuate, keeping market participants on edge.