Decrease in International Market Reflects on Gold Price
The gold price in Pakistan has experienced a decline of Rs1,500 per tola, following the decrease in the international market. This downward trend has been observed due to various factors impacting the global economy.
Gold Rate Drops Significantly
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has released data indicating that the price of 24-carat gold has decreased by Rs1,500 per tola and Rs1,285 per 10 grams. As a result, the current rates have settled at Rs217,000 per tola and Rs186,043 per 10 grams, respectively. Simultaneously, the international market witnessed a decline of $10, with the price per ounce settling at $1,919.
Factors Affecting the Volatility of Gold Price
Recent political and economic uncertainties, coupled with high inflation rates, have contributed to the fluctuation of gold prices in Pakistan. During such times, individuals often seek gold as a safe investment and a hedge against economic uncertainties.
Stable Silver Prices
In contrast to gold, the price of silver has remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grams, according to data shared by the APSGJA. This stability in silver prices provides an alternative investment option for individuals considering precious metals.
Pakistani Gold Market Offers Competitive Rates
It is noteworthy that the current gold rates in Pakistan are approximately Rs4,000 per tola lower compared to the Dubai market. This price difference signifies that the Pakistani gold market is comparatively more affordable for buyers, making it an attractive destination for gold purchases.
Local Currency Maintains Stability
The local currency, the Pakistani Rupee (PKR), exhibited stability against the United States Dollar (USD) by experiencing a nominal increase of Rs0.01. The interbank market recorded the closing exchange rate at Rs286.74 on Friday. This stability in the local currency further enhances the investment appeal for individuals looking to engage in international transactions.
In conclusion, the gold price in Pakistan has witnessed a decline due to the decrease in the international market. The volatile nature of gold prices can be attributed to ongoing political and economic uncertainties, along with high inflation rates. Despite these fluctuations, the silver market has remained stable. Additionally, the Pakistani gold market offers competitive rates compared to the global market, attracting buyers seeking a cost-effective investment. With the stability of the local currency, investors can explore various opportunities in the international market.