In a notable shift on Saturday, gold prices in Pakistan decreased, mirroring the downtrend in international markets. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola fell by Rs700, settling at Rs276,000. Similarly, the price for 10 grams of gold decreased by Rs601, now being sold at Rs236,625.
This follows a modest reduction on Friday, when gold prices had already dropped by Rs300, bringing the per tola rate to Rs276,700. The recent decline signals a temporary relief for gold buyers after prices hit an all-time high of Rs277,000 per tola just two days prior, on Thursday.
In the international market, the price of gold also saw a slight dip. According to APGJSA, gold was priced at $2,657 per ounce, which included a $20 premium, marking a $6 decrease during the trading day.
Despite the fluctuation in gold, silver prices remained stable on Saturday. The price of silver per tola stood at Rs3,050, unchanged from earlier rates.
Global Factors Driving Gold Prices
Experts have attributed the ongoing volatility in gold prices to several international developments. Heightened geopolitical tensions, particularly in the Middle East, have created uncertainty in global markets, often driving up demand for safe-haven assets like gold. Additionally, monetary policy decisions, including anticipated interest rate cuts by the U.S. Federal Reserve, have impacted investor behavior.
Moreover, rising demand from key global markets such as China and India has continued to exert upward pressure on gold prices. Both nations are significant consumers of gold, particularly during times of economic uncertainty, making them crucial players in determining gold’s global value.