Gold prices in Pakistan experienced a notable decrease on Saturday, mirroring a similar downward trend in international markets.
The cost of gold per tola dropped by Rs600, settling at Rs244,400. This decline came after a recent surge in prices, adding a new dynamic to the local market’s fluctuations.
Similarly, the price for 10 grammes of gold fell by Rs514, concluding the day at Rs209,534, according to the latest data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
These changes reflect the sensitive nature of gold prices to international trends and the inherent volatility in the market.
Friday had seen a significant uptick in gold prices, with an increase of Rs2,500 per tola.
This rapid shift highlights the unpredictable nature of gold valuations, influenced by a myriad of factors including global economic conditions, currency exchange rates, and market speculation.
On the international front, gold prices also faced a downturn on Saturday, with a reported drop of $6 per ounce.
The APGJSA noted that the international rate for gold was set at $2,337 per ounce, including a premium of $20.
This shift in global pricing further underscores the interconnectedness of gold markets and their impact on local prices.
While gold prices experienced a dip, silver rates remained steady, with the per tola rate holding at Rs2,650.
The stability in silver pricing contrasts with the more volatile gold market, providing a level of consistency for those investing in precious metals.
Just a week prior, gold prices in Pakistan had reached an all-time high, with the rate per tola hitting Rs252,200.
The recent fluctuations are a stark reminder of the dynamic and often unpredictable nature of the precious metals market, where international trends can have a significant impact on local pricing.
