ISLAMABAD: On Saturday, the price of 24 karat gold per tola fell by Rs1,400, closing at Rs347,200, down from Rs348,600 the previous trading day, according to the All Pakistan Sarafa Gems and Jewelers Association. Similarly, the price of 10 grams of 24 karat gold decreased by Rs1,200, reaching Rs297,668 compared to Rs298,868 earlier. The 10-gram price of 22 karat gold also dropped by Rs1,100 to Rs272,872 from Rs273,972. Silver prices showed a slight decline as well, with the per tola rate dropping by Rs24 to Rs3,456 from Rs3,480, and the 10-gram rate falling by Rs21 to Rs2,962 from Rs2,983.
International Market Trends Influence Local Prices
The decline in local gold and silver prices mirrored trends in the international markets. Globally, the price of gold decreased by $14, settling at $3,288 per ounce from $3,302. Likewise, silver prices dipped by $0.24 to $32.98 per ounce, reflecting a similar downward movement. Market analysts attribute this dip to a combination of factors including fluctuating demand and global economic indicators influencing precious metals.
Impact on Buyers and Jewelers
The price reduction provides some relief to buyers, particularly at a time when inflation and economic pressures have affected consumer spending. Jewelers, however, face challenges managing inventory and pricing strategies amid such volatility. Continuous monitoring of international markets and local demand will be crucial in the coming weeks to anticipate further price movements.
