Gold prices in Pakistan experienced a notable decline on Thursday, reversing the momentum of consecutive record highs achieved in the previous sessions.
This drop in local gold rates occurred despite an uptick in international prices, reflecting a divergence between domestic and global trends.
In the local market, the price of gold per tola fell by Rs2,200, bringing it down to Rs261,500. Similarly, the price of 10-gram gold witnessed a decrease of Rs1,886, settling at Rs224,194, as per the rates provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This decline comes after a steady increase that saw gold prices reach Rs263,700 per tola on Saturday, following a rise of Rs1,700.
Contrary to the local market trend, the international gold price edged up on Thursday. According to APGJSA, the global rate for gold was reported at $2,516 per ounce, including a premium of $20, marking an increase of $4 during the day.
Read more: State Bank’s foreign exchange reserves surge by $112 million in a week
Despite this rise in international prices, the local market’s reaction suggests other factors at play in determining gold prices in Pakistan.
Meanwhile, silver prices in the local market remained stable, with no change reported. The rate for silver stood firm at Rs2,950 per tola, reflecting a steady demand and supply situation.
This fluctuation in gold prices highlights the complexities of the market, influenced by both domestic and international factors, making it a subject of keen interest for investors and consumers alike.
