KARACHI – Gold prices in Pakistan witnessed a downward correction on Thursday after reaching a historic peak earlier this week. The All Pakistan Gems and Jewellers Association reported a drop of Rs2,300 in the per tola price, bringing it down to Rs283,100 in the domestic market.
Similarly, the price of 10-gram gold saw a decline of Rs1,971, now standing at Rs242,713. The fall follows a record-breaking surge just a day earlier, when gold had climbed by Rs2,000 per tola, reaching an all-time high of Rs285,400. Despite the decrease in gold, silver prices remained stable, with per tola silver at Rs3,350.
Silver Prices Remain Steady Amid Gold Fluctuations
While gold prices dipped, silver prices in the domestic market remained unchanged. The price of 10 grams of silver continues to hold at Rs2,872.08, providing a sense of stability amidst fluctuating precious metal markets. Investors and traders have been keenly watching the global and local movements as the demand for safe-haven assets fluctuates.
Record-Breaking Surge in Gold Prices
Earlier this week, gold extended its record-breaking streak as the prices surged to new highs in both local and international markets. On Wednesday, the price of per tola gold increased by Rs2,000, reaching Rs285,400, while 10-gram gold saw an increase of Rs1,714, settling at Rs244,684. The surge was largely driven by uncertainties in the global economy, with gold being a preferred investment during volatile times.
Global Trends Impacting Local Markets
The fluctuation in Pakistan’s gold prices mirrors trends in the global market, where gold is traditionally considered a safe investment during economic instability. Analysts believe that the local market will continue to reflect international trends, although some downward corrections are expected as the week progresses.
