The domestic gold market in Pakistan has extended its losing streak for the fourth consecutive day, mirroring the downward trend in international rates. According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of 24 karat gold lost significant ground on Thursday. It dropped by Rs5,800 per tola and Rs4,972 per 10 grammes, ultimately settling at Rs216,500 and Rs185,614, respectively.
Meanwhile, in the global arena, the price of the precious yellow metal took a hit as well. Gold prices fell by $5 per ounce, reaching a settlement price of $1,921 in the international market today.
The ongoing volatility in gold prices within Pakistan can be attributed to the nation’s continued political and economic uncertainty, along with persistently high inflation. Investors and consumers alike have been closely monitoring these fluctuations as they navigate the turbulent financial landscape.
Data shared by the APSGJA also indicated a decrease in the price of 24 karat silver. It dipped by Rs50 per tola and Rs42.87 per 10 grammes, ultimately settling at Rs2,650 and Rs2,271.94, respectively.
As both domestic and global economic conditions continue to evolve, market participants will be closely observing precious metal prices for potential investment opportunities and hedging strategies.
