Tag: gold price drops

  • Gold price falls by Rs3,000 per tola after hitting record high

    Gold price falls by Rs3,000 per tola after hitting record high

    The price of gold in Pakistan saw a decline on Friday after reaching a record high the previous day.

    The cost of 24-karat gold fell to Rs251,000 per tola, a decrease of Rs3,000 from the peak. Despite this drop, the price remains Rs1,600 below its actual cost today.

    According to the Karachi Sarafa Association, the price of 24-karat gold was reported at Rs215,192 per 10 grams, marking a decline of Rs2,572. In parallel, the price for 22-karat gold also saw a reduction, now standing at Rs197,259 per 10 grams.

    Silver prices also experienced a decline in the domestic market. The cost of 24-karat silver fell to Rs2,850 per tola, down by Rs50, while the price for silver per 10 grams decreased to Rs2,443, a drop of Rs43.

    On the international front, spot gold traded around $2,418 per ounce, down by $26.80 or 1.10 per cent from the previous session. Despite the recent dip, analysts remain optimistic about gold’s medium-term prospects, citing ongoing political uncertainties and anticipated rate cuts as factors that could bolster gold’s appeal.

    Kelvin Wong, senior market analyst for Asia Pacific at OANDA, noted that while profit-taking is currently influencing gold prices, the outlook remains positive.

    Markets are forecasting a 98 per cent probability of a Federal Reserve rate cut in September, according to the CME FedWatch Tool. Non-yielding gold often becomes more attractive in a low-interest rate environment.

  • Gold price drops for sixth consecutive session, now at Rs238,000 per tola

    Gold price drops for sixth consecutive session, now at Rs238,000 per tola

    Gold prices in Pakistan continued to fall on Saturday, marking the sixth consecutive session of declines. The price per tola (a traditional South Asian unit equivalent to about 11.66 grammes) dropped to Rs238,000, following a single-day decrease of Rs1,600.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grammes of gold also fell, closing at Rs204,047 after a reduction of Rs1,257. This downward trend follows a similar drop on Friday, when the price of gold fell by Rs1,400 per tola.

    While gold prices in Pakistan declined, the international market saw an uptick in gold rates. As per APGJSA, the global price of gold reached $2,301 per ounce (with a premium of $20), registering a gain of $4 during the day.

    Despite this international increase, the domestic market in Pakistan has seen a consistent downward trend. Over the past six sessions, gold prices per tola have dropped by Rs7,000. This decline is significant, considering that just last month, gold reached an all-time high of Rs252,200 per tola in the local market.

    Meanwhile, the price of silver remained stable, with rates holding at Rs2,620 per tola.

    Analysts suggest that the local decline in gold prices may be due to various factors, including market speculation, currency fluctuations, and changes in demand. With international prices showing a slight increase, it remains to be seen whether the downward trend in Pakistan will continue or if the market will begin to stabilise.

    For now, local consumers and investors in gold are watching the market closely, anticipating potential changes in the days ahead.