ISLAMABAD, Jul 19 – The price of 24-karat gold experienced a significant decrease on Friday, dropping by Rs. 3,000 per tola, now selling at Rs. 251,000 compared to Rs. 254,000 on the last trading day. This decline reflects broader trends in the global market and local economic conditions.
Similarly, the price of 10 grams of 24-karat gold fell by Rs. 2,572, settling at Rs. 215,192 from the previous rate of Rs. 217,764. The 10-gram rate for 22-karat gold also saw a reduction, decreasing to Rs. 197,259 from Rs. 199,617, according to the All Sindh Sarafa Jewellers Association.
The silver market mirrored this downward trend. The price of one tola of silver dropped by Rs. 50, bringing it down to Rs. 2,850. The rate for 10 grams of silver decreased by Rs. 42.87, selling at Rs. 2,443.41.
In the international market, gold prices also witnessed a significant drop. The price per ounce of gold decreased by $55, now standing at $2,415, down from $2,470.
This decline in gold prices is indicative of a larger trend affecting precious metals globally. Market analysts attribute this drop to various factors, including fluctuations in international demand, changes in currency exchange rates, and shifts in investor sentiment. The decline in silver prices further underscores the volatility and interconnectedness of global precious metal markets.
For local investors and consumers, this reduction in gold prices offers a mixed bag of opportunities and challenges. On one hand, lower prices may present a buying opportunity for those looking to invest in gold. On the other hand, it could affect those who rely on the stability of gold prices for financial security.
The All Sindh Sarafa Jewellers Association continues to monitor these trends closely, providing updates and insights to help investors and consumers navigate the current market landscape. As global economic conditions remain fluid, further fluctuations in precious metal prices are expected.
