This Monday witnessed a notable decrease in gold prices across Pakistan, with rates plummeting by Rs. 1,200 per tola to touch Rs. 214,800.
The Karachi Sarafa Association reported a significant decline in the cost of 24-carat gold by Rs. 1,200 per tola, bringing it down to Rs. 214,800. Similarly, the cost for 10 grams of gold saw a reduction of Rs. 1,029, settling at Rs. 184,156.
| Description | Price Change (PKR) | Final Price (PKR) |
|---|---|---|
| Gold Price per Tola (24 Carat) | -1,200 | 214,800 |
| Gold Price per 10 Grams (24 Carat) | -1,029 | 184,156 |
The gold market experienced a roller-coaster last week, starting with a surge of Rs. 1,500 per tola on Monday and continuing with various ups and downs throughout the week. The week concluded with an uplift of Rs. 1,400 per tola on Friday, after experiencing both rises and falls in prices.
Internationally, gold prices dipped on Monday, influenced by a strengthening US dollar and rising Treasury yields. This change was prompted by promising US employment figures, tempering expectations for an immediate interest rate cut by the US Federal Reserve. By the late afternoon, spot gold had decreased by 0.64 percent to $1,193.71 per ounce.
This considerable decrease in gold prices in Pakistan reflects the volatile nature of the global and local gold markets, indicating the impact of international economic developments on local rates.