Gold rates in Pakistan experienced a notable drop on Tuesday, following global bullion markets’ downward trends due to investor profit-taking.
According to the All Pakistan Gems and Jewellers Association (APGJA), 24-karat gold prices saw one of its sharpest drops on October 28, dropping by Rs14,000 per tola and reaching a rate of Rs416,362.
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Prices for 10 grams of 24-karat gold dropped by Rs12,003 per tola to Rs356,963, while 22-karat gold saw its per tola price drop to Rs327,227.
The international gold price fell by $140 an ounce to settle at $3,940 in international markets amid global monetary policy uncertainties, reflecting wider corrections across global markets.
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Domestic gold market prices have responded quickly to shifts in global economic conditions. Recent downward trends indicate an estimated decrease of Rs40,500 per tola since October 17 – an 11 day decline from its peak value of Rs456,900 on that day.
Experts credit three key causes of the decline as primary drivers: global investors taking profits, an strengthening US dollar and the anticipation that further monetary tightening from the Federal Reserve may occur.
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Also experiencing a decrease was silver’s value; per tola prices fell by Rs173 to reach Rs4,924, while 10 grams saw their prices decline by Rs148 – currently trading at Rs4,221.
