Gold prices in Pakistan plummeted, mirroring a global decline. The All Pakistan Sarafa Gems and Jewellers Association reported a Rs3,300 drop per tola of 24-karat gold to Rs348,700, with 10 grams falling Rs2,833 to Rs298,950. This sharp downturn has sparked widespread interest among investors and consumers in the local market.
The global gold market mirrored this downward trend, with the price per ounce falling by $33 to $3,305. Analysts suggest that fluctuating economic indicators, including shifts in currency values and investor sentiment, may be contributing to the decline. Despite gold’s reputation as a safe-haven asset, these market dynamics have led to a temporary dip, prompting speculation about future price movements.
In contrast, silver has emerged as a bright spot in the precious metals market. Prices for 24-karat silver in Pakistan saw a modest uptick, with the cost per tola rising by Rs40 to Rs3,497. The price of 10 grams of silver also increased by Rs35, reaching Rs2,998. This rise in silver prices offers a silver lining for traders and investors looking to diversify their portfolios amid the gold price slump.
Market experts are closely monitoring these developments, noting that the contrasting trends in gold and silver prices could signal shifting investor preferences. While gold remains a cornerstone of wealth preservation in Pakistan, the recent price drop may encourage buyers to capitalize on the lower rates, particularly for jewelry and long-term investments. Meanwhile, silver’s upward trajectory could attract those seeking alternative opportunities in the precious metals space.
As economic conditions continue to evolve, both locally and globally, the precious metals market in Pakistan remains dynamic. Investors and consumers are advised to stay informed and consult with market professionals before making financial decisions. With gold prices at their lowest in recent weeks and silver gaining momentum, the coming days could bring further surprises to Pakistan’s bullion market.
