Gold Prices Experience Decline Both Locally and Globally After Record Highs
Gold prices have recently declined significantly in both the international and local markets following a period of rising prices. This decline came after gold reached historic highs earlier in the week, but they have now been reversed.
In Pakistan, the price of 24-karat gold per tola fell by Rs. 3,300, settling at Rs. 348,700 on Friday. This is a significant decrease from its previous price of Rs. 352,000. The price of 10 grams of 24-karat gold also dropped by Rs. 2,833, reaching Rs. 298,950. The price correction followed a remarkable peak earlier in the week, when gold had hit an all-time high of Rs. 390,00 for 34-karat. Similarly, the price of 22-karat gold per 10 grams dropped by Rs. 2,597, settling at Rs. 274,047.
Internationally, the price of gold also declined. The global price of gold per ounce decreased by $33, settling at $3,305, down from $3,338. This reduction in international rates directly impacted local prices, as the domestic market typically reflects international trends.
Meanwhile, silver prices also saw a decrease in both markets. The price of per tola silver dropped by Rs. 40, reaching Rs. 3,497, while the 10-gram silver rate fell by Rs. 35, settling at Rs. 2,998. However, silver saw a slight increase in the global market, with its price rising by $0.40, reaching $33.33 per ounce.
Market analysts suggest that the recent price correction is primarily due to a stabilisation in global demand for gold and profit-taking after sustained price increases in recent months. Experts also caution that the market could remain volatile, influenced by fluctuating global economic indicators and geopolitical factors, which continue to affect both the bullion and currency markets.
In conclusion, after a week of record-breaking highs, both gold and silver prices have taken a downturn, with analysts predicting ongoing market fluctuations. The volatility seen in both local and international markets underscores the unpredictable nature of precious metal pricing.
