Gold prices per tola experience a decrease of Rs6,700 in Pakistan.
Gold prices tumble in Pakistan's local market just like the international stage, following a downward trend. On Thursday, a tola of gold was sold at a staggering Rs335,200, after shedding a hefty Rs6,700 during the day.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reveals that 10-gram gold was sold for Rs287,379, plummeting by Rs5,745. On Wednesday, gold prices peaked at Rs341,900, shedding Rs2,300 during the day.
The global gold rate also saw a decline on Thursday. The rate was at $3,168 per ounce (with a $20 premium), a drop of $67, as per APGJSA. Meanwhile, silver price per tola also decreased by Rs105 to settle at Rs3,377.
Amidst this turbulent gold market, prices hit an over one-month low on Thursday. Investors awaited a crucial U.S. inflation print for guidance on the Federal Reserve's monetary policy path, while thawing U.S.-China trade tensions also dampened bullion's appeal. Spot gold was down 1.3%, sliding to $3,136.97 an ounce.
International gold prices have shown volatility due to geopolitical and economic factors. For example, gold prices dipped on May 13 due to easing tensions between India and Pakistan, reducing gold's safe-haven appeal[2]. Additionally, the price of gold futures per troy ounce fell by 0.83% on the New York COMEX as of May 6, reaching USD 3,394.4[4]. The improvement in risk appetite amid better economic signals has also contributed to slight declines in gold prices[5]. In contrast, the US-China trade agreement and improved earnings optimism have boosted stocks and reduced demand for safe-haven assets like gold[3].
Gold prices in Pakistan are typically influenced by international market rates, import costs, and local demand. When global prices fall, similar trends are often observed in Pakistan. For the most accurate and recent gold price data in Pakistan, considering local market reports or financial news from reputable sources would be beneficial.
- Despite gold prices dipping in the local market, silver prices also decreased, with a tola selling for Rs3,377 on Thursday.
- In contrast to the decline in gold prices, the gold index within the industry has experienced volatility due to various geopolitical and economic factors.
- With gold prices showing a downward trend in Pakistan, regular updates on inflation indices in finance may provide insights into future changes in the local gold market.
