KARACHI: Gold and silver prices once again witnessed a downward trend in Pakistan’s local bullion markets for the second consecutive day, with gold falling by Rs.1,000 per tola as global rates continue to soften.
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association for Friday, the price of 24-carat gold per tola decreased by Rs.1,000, reaching Rs.467,262. This steady decline follows yesterday’s significant correction, marking a period of stabilization after the extreme volatility seen earlier in the week.
The 10-gram rate for 24-carat gold similarly dropped by Rs.858 to settle at Rs.400,601, while 22-karat gold followed the trajectory to reach Rs.367,230.
This local dip is primarily seemed as a reaction to the international market, where gold per ounce fell by $10 to reach $4,445.
Interestingly, the silver market showed a slight divergence in global versus local sentiment; while the international price of silver per ounce rose to $69.70, local prices in Pakistan saw a marginal decrease. In the domestic market, silver dropped by Rs.30 to settle at Rs.7,454 per tola, while the price for 10 grams of silver decreased by Rs.26, reaching Rs.6,390.
As the week draws to a close, traders in Karachi’s gold market are observing a cooling of the recent “gold fever,” with two back-to-back days of losses bringing prices down from their mid-week peaks. However, with international silver showing signs of strength and gold prices still remaining at historically high levels, investors are keeping a sharp eye on interbank exchange rates for the next move.
