Gold prices dip by $8 internationally, Rs1,200 locally

In a significant development in the precious metals market, the per-tola price of 24 karat gold experienced a notable decline, dropping by Rs1,200 on Saturday.

According to the All Sindh Sarafa Jewellers Association, the precious metal was sold at Rs214,300, marking a decrease from its previous rate of Rs215,500 on the last trading day.

Similarly, the price of 10 grammes of 24 karat gold exhibited a downward trend, declining by Rs1,028 to reach Rs183,728, as opposed to the earlier rate of Rs184,756. 

Meanwhile, the prices of 10 grammes of 22 karat gold also saw a decrease, settling at Rs168,416 from Rs169,360, as reported by the Association.

Notably, the per-tola and ten-gramme silver prices remained unchanged at Rs2,600 and Rs2,229.08, respectively, indicating stability in the silver market.

The dip in local gold prices is mirrored on the international stage, as the global market reported a decrease of $8 in the price of gold.

The international rate now stands at $2,045, down from the previous figure of $2,053, as outlined by the Association.

This shift in prices is likely to have implications for investors, jewellers, and consumers alike, prompting a reassessment of investment strategies and purchase decisions in the coming days.

Analysts are closely monitoring these fluctuations to gauge the market’s response and anticipate future trends in the precious metals sector.