Gold Prices in Pakistan Fall After Major Increase This Week
After days of sharp increases, gold prices in Pakistan finally fell on Wednesday. The drop reflects both international market trends and local profit-taking. Analysts believe this correction is temporary but important for investors and buyers monitoring the bullion market.
Local Market Updates
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola decreased by Rs. 1,000, settling at Rs. 434,762.
Meanwhile, the rate for 10 grams of gold dropped by Rs. 857, reaching Rs. 372,738. This follows Tuesday’s sharp surge, when gold prices had climbed by Rs. 5,900 per tola to Rs. 435,762.
International Gold Trends
Globally, gold retreated as the US dollar strengthened and investors engaged in profit-taking after bullion reached a near three-week high.
Spot gold prices were down 0.5 percent at $4,107.41 per ounce, after peaking on October 23. US gold futures for December delivery slipped 0.1 percent to $4,113.80 per ounce.
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Factors Behind the Price Movement
The temporary decline in gold prices is attributed to several factors:
- Stronger US dollar putting pressure on bullion
- Profit-taking by international investors
- Market anticipation of a US Federal Reserve interest rate cut next month
These dynamics have a direct impact on Pakistan’s local gold rates, as international trends influence domestic market pricing.
Silver Prices Move Higher
While gold prices fell, silver prices in Pakistan moved upward. The local rate increased by Rs. 81, reaching Rs. 5,434 per tola. This contrasts with the gold market and highlights selective investor interest in precious metals amid volatility.
Implications for Investors and Buyers
The recent fluctuation emphasizes the importance of timing in bullion investments. Buyers looking to purchase gold in Pakistan may benefit from slight declines, while investors should remain cautious due to global market uncertainties.
Financial analysts suggest monitoring US Federal Reserve updates and currency fluctuations, as these are major determinants for precious metal prices locally.
Outlook for Gold Market
Experts expect that gold prices in Pakistan may stabilize in the coming weeks, but volatility is likely to continue. International and domestic factors will continue to shape investor behavior, while both gold and silver remain key hedges against inflation and currency risk in the local economy.
For real-time gold price updates in Pakistan, visit APGJSA Official Rates.
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