On Monday, the gold market in Pakistan experienced a notable decline,mirroring the trends seen in the international arena. According to datareleased by the All-Pakistan Sarafa Gems and Jewellers Association(APSGJA), the price of 24-carat gold saw a decrease of Rs700 per tola andRs600 per 10 grams, ultimately settling at Rs239,100 and Rs204,990,respectively. This dip in local gold prices was directly influenced by theglobal market, where the value of the precious metal fell by $5 per ounce,reaching $1,940.
The ripple effect of this international shift in gold prices was feltwithin Pakistan’s domestic market, as the rates mirrored the downwardtrajectory. In contrast to gold, the prices of silver per tola and tengrams remained unchanged, closing at Rs2,900 and Rs2,486.28, respectively.
The dynamics of the precious metals market are closely monitored, as theyare indicative of broader economic factors, including political andeconomic uncertainties, high inflation rates, and currency devaluation, allof which have contributed to the recent volatility in Pakistan’s goldprices.
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Amidst such economic fluctuations, gold has traditionally been viewed as asafe haven for investors, serving as a hedge against economicuncertainties. It’s worth noting that just a few days prior, on Friday, thegold market in Pakistan exhibited an opposing trend. The price of 24-caratgold surged by Rs3,400 per tola, reaching Rs239,800, as reported by theAll-Pakistan Sarafa Gems and Jewellers Association (APSGJA). These frequentfluctuations in gold prices highlight the dynamic nature of the preciousmetals market, making it a focal point for investors and economic analystsalike.
