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KARACHI: Gold prices in Pakistan experienced a significant reversal on the first trading day of the month, shedding gains made in previous sessions.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs2,500 per tola on Friday, settling at Rs284,700. This decline follows an Rs700 per tola decrease on Thursday, resulting in a cumulative drop of Rs3,200 over the two trading days.
The downward trend in gold prices domestically mirrors the international market, where gold prices slipped to $2,752 per ounce, marking a $25 decline. The APGJSA attributed the decrease to global market fluctuations.
In the local market, silver prices remained steady at Rs3,430 per tola. Notably, the current gold price is Rs3,200 per tola lower than the all-time high rate of Rs287,900 per tola, recorded on October 30.
Market analysts suggest that the decline in gold prices may be attributed to various factors, including changes in global economic conditions, currency fluctuations, and investor sentiment. The drop in gold prices presents an opportunity for buyers to invest in the precious metal at relatively lower rates.
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