Gold prices have witnessed a significant decline in both global and local markets after a brief rally earlier this week. In the international market, gold per ounce dropped by $28, bringing the new price to $2,893. This downward trend has been reflected in Pakistan’s local markets as well.
On Thursday, the price of 24-carat gold per tola in local markets fell by Rs3,000, settling at Rs304,000. Similarly, the price of 10 grams of gold decreased by Rs2,571, now standing at Rs260,630. This drop follows a rise in gold prices just a day earlier.
Previously, gold had seen a slight increase, with global prices rising by $5 to reach $2,921 per ounce. In the local market, this led to an Rs700 jump per tola. However, shifting market trends have now pushed prices downward.
The sudden drop presents an opportunity for investors and buyers looking to purchase gold at lower rates. Experts suggest that price fluctuations are influenced by market adjustments and investor sentiment, making this a crucial time to monitor gold trends closely.