Gold Prices in Pakistan Continue Downward Trend

KARACHI: Gold prices in Pakistan have continued their downward trend, experiencing a drop for the second consecutive day, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This decline is reflective of a broader trend in the global gold market and is affecting local gold prices significantly.

Recent Gold Price Changes

On Wednesday, the price of gold in local markets fell by Rs1,400 per tola, bringing the current rate to Rs260,100 per tola. This decrease follows a Rs1,000 per tola drop recorded on Tuesday. The recent decline in gold prices is largely attributed to a downturn in international gold prices.

Globally, gold prices also experienced a dip on Wednesday. The APGJSA reported that the international rate of gold fell by $17 per ounce, settling at $2,481 per ounce, which includes a $20 premium. This global trend is mirrored in the local market, contributing to the ongoing decrease in gold prices.

For context, gold prices in Pakistan had surged to a record high of Rs263,700 per tola in August. The recent declines indicate a significant shift from those record levels, reflecting changes in both international and local markets.

Frequently Asked Questions (FAQs)

1. Why did gold prices fall in Pakistan?

Gold prices in Pakistan have fallen due to a combination of factors, including a decrease in international gold prices. On Wednesday, the international rate of gold dropped by $17 per ounce, influencing local market trends. Additionally, fluctuations in global economic conditions and currency values can impact local gold prices.

2. What is the current price of gold in Pakistan?

As of the latest update, the price of gold in local markets has decreased to Rs260,100 per tola. This follows a previous decrease of Rs1,000 per tola, bringing the overall decline over the past two days to Rs2,400 per tola.

3. How have international gold prices affected local prices?

International gold prices have a direct impact on local gold prices. The recent drop in global gold prices, which fell by $17 per ounce to $2,481 per ounce, including a $20 premium, has contributed to the decline in gold prices observed in Pakistan.

4. What was the highest price of gold in Pakistan recently?

In August, gold prices in Pakistan reached a record high of Rs263,700 per tola. The current downward trend contrasts sharply with these peak prices, reflecting changes in both local and international market conditions.

5. Will gold prices continue to decline?

Predicting future gold prices can be challenging as they are influenced by various factors, including international market trends, economic conditions, and geopolitical events. While recent trends show a decline, it is essential to monitor ongoing market conditions and economic developments for a clearer picture.

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