KARACHI: The price of gold in Pakistan experienced a notable decrease on Thursday, with a reduction of Rs1,000 per tola, according to the Sindh Sarafa Jewellers Association.
The latest data from the Karachi Sarafa Association indicates that the price of 24-carat gold fell by Rs1,000 per tola, settling at Rs252,500. Additionally, the price of 10 grams of gold decreased by Rs857, now standing at Rs216,478.
This decline comes after a recent increase of Rs200 per tola observed the previous day.
International Market Trends
In the global market, spot gold witnessed a significant rise, climbing by $26 to reach $2,391.14 per ounce. However, as of 09:56 GMT, spot gold was down by 0.7%, trading at $2,432.29 per ounce. Earlier in the session, the prices had hit their highest level since July 18, just $51 shy of the record high of $2,483.60 recorded on July 17.
Meanwhile, U.S. gold futures saw a slight firming, up by 0.1% to $2,476.10.
Other Precious Metals
The prices of other precious metals also experienced fluctuations. Spot silver fell by 0.7% to $28.83 per ounce, platinum lost 1% to $966.40 per ounce, and palladium eased by 0.4%, trading at $921.97 per ounce.
Market Insights
The recent decline in local gold prices contrasts with the international market’s movements, reflecting the dynamic nature of global precious metal trading. Investors and consumers are advised to stay informed about market trends to make well-informed decisions regarding gold investments.
