In a reversal of its recent upward trend, the price of gold in Pakistan saw a decline on Thursday, with the value of 24-karat gold dropping by Rs500 per tola and settling at Rs218,000.
According to the Karachi Sarafa Association, the closing price for 10-gramme 24-karat gold in today’s session was recorded at Rs186,900, indicating a loss of Rs428.
Additionally, the price of 10-gramme 22-karat gold stood at Rs171,325.
Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver and 10-gramme 24-karat silver concluding at Rs2,650 and Rs2,271.94, respectively.
This decline in gold prices follows three consecutive sessions of steady increases, aligning with the continuous uptick in international gold prices.
However, today’s downturn is attributed to a drop in global gold prices and the relative strengthening of the Pakistani rupee (PKR).
The international spot gold market experienced a decrease of approximately $8.5 in the previous session, driven by a rebound in the U.S. dollar.
Presently, spot gold is trading at $2,037.14, marking a 0.25% increase for the day as the dollar faces renewed pressure.
Despite the gains observed today, they are not substantial enough to offset yesterday’s decline, resulting in an overall loss for the local bullion market.
The market remains sensitive to fluctuations in both international gold prices and the strength of the Pakistani rupee.
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