The price of gold in Pakistan continued its downward trajectory for the fifth consecutive session on Friday, dropping by another Rs1,400 to settle at Rs239,600 per tola.
This sustained decline has caught the attention of investors and consumers alike, as it indicates a significant cooling of the precious metals market in the country.
Alongside the decline in the price per tola, the rate for 10 grammes of gold also fell, reaching Rs205,418 after a reduction of Rs1,201 from the previous session.
This comes after gold in Pakistan had already dropped by Rs900 per tola on Thursday, signalling a broader trend of decreasing gold prices.
The downward movement in the local gold market aligns with trends observed internationally.
The international rate of gold decreased on Friday, with APGJSA reporting a drop of $11 per ounce, settling at $2,297 (including a premium of $20).
This decline in the global market is likely influencing the downturn in Pakistan’s gold prices.
Interestingly, while gold has seen consistent declines, the price of silver has remained stable, with rates holding steady at Rs2,620 per tola.
This divergence in the precious metals market raises questions about the underlying factors driving these trends and whether the gold-silver ratio is indicative of broader shifts in market sentiment.
In the past five sessions, the cumulative decrease in gold prices per tola in Pakistan has reached Rs5,400, marking a significant reduction from the all-time high of Rs252,200 recorded last month.
The recent volatility has left investors cautious, with many closely monitoring the market for signs of stabilisation or further declines.
Given the significant fluctuations in the gold market, both local and international factors are likely to play a role in determining future trends.
The ongoing uncertainties in global economic conditions and changing investor sentiment could further impact gold prices in the coming weeks.
