Gold Prices Fall in Pakistan and Global Market, Silver Shows Slight Gain
Karachi, August 17 (Economic Desk): Gold prices in Pakistan and the international market went through a sharp decline over the last six days, raising concerns among traders and investors. According to the All Sindh Saraf Jewellers Association, gold witnessed a cumulative drop of Rs6,200 per tola in the local market, while globally the precious metal fell by $62 per ounce.
Week-Long Decline in Gold Prices
The downward trend began on Monday, when global gold rates fell by $36 per ounce, dragging Pakistan’s domestic prices down by Rs3,600 per tola. The slump continued on Tuesday with a fall of $5 per ounce internationally and Rs500 per tola locally.
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By Wednesday, the market remained bearish, losing another $2 per ounce in the international market and Rs200 per tola in Pakistan. On Thursday, trading was halted in Pakistan due to the Independence Day holiday, but on Friday, prices once again plunged by $10 per ounce globally and Rs1,000 per tola domestically.
Finally, on Saturday, international prices slipped by $9 per ounce, while the local market reported a reduction of Rs900 per tola, continuing the week’s downward momentum.
Closing Rates
By the end of the trading week, the price of gold stood at Rs356,200 per tola in Pakistan, while the international market closed at $3,335 per ounce. This marks one of the steepest declines recorded in recent weeks, affecting both investors and buyers in the bullion market.
Silver Prices on the Rise
While gold continued its downward spiral, silver showed resilience and even gained value. International silver rates went up by $0.18 per ounce, reaching $37.98. In Pakistan, silver prices also saw a slight rise of Rs24 per tola, settling at Rs4,037.
Market Outlook
Analysts believe that the drop in gold prices may be linked to fluctuations in the global dollar index, shifting demand in international markets, and investor focus moving towards other safe-haven assets. In Pakistan, the domestic bullion rates are directly tied to international prices, which explains the consistent fall throughout the week.
Traders suggest that if the downward trend continues, gold buyers in Pakistan could benefit in the short term, but long-term investors may face uncertainty given the volatility in global markets.