Karachi, October 3, 2024 — Gold prices in Pakistan experienced a notable decrease today, bringing relief to consumers and investors in the local market. The price of 24-karat gold dropped by Rs 2,000 per tola, settling at Rs 233,000, while the 22-karat variant also saw a decrease, now priced at Rs 213,000 per tola.
The dip in gold prices comes as international markets have experienced a slight pullback, with gold trading at $1,860 per ounce globally. Domestic market fluctuations, along with exchange rate movements, have contributed to the adjustment in prices.
In the local market, jewelers and consumers have noted increased activity, as many seek to take advantage of the lower prices. Industry experts suggest that this may be a short-term trend, as gold remains a preferred investment during times of economic uncertainty.
The decrease in gold prices is seen as a relief for the average consumer, especially as inflation has been affecting purchasing power across the country. However, market analysts caution that gold prices could fluctuate further depending on international trends and the Pakistani rupee’s performance against the US dollar.
Impact on the Jewelry Market
The recent drop in prices has had a mixed impact on jewelers. While some report a rise in sales as people rush to buy before prices increase again, others say the current economic conditions have made consumers more cautious.
Despite this, gold continues to be a safe-haven asset for many, especially during periods of inflation or political instability.
Market Outlook
Looking forward, analysts are closely monitoring international commodity markets and domestic economic indicators for any signs of further fluctuations in gold prices. With the approaching wedding season, many are hoping that gold prices will stabilize to encourage both investment and jewelry purchases.
