Gold continues its downward trend as global market pressures and currency shifts impact local rates.
Gold prices in Pakistan extended their downward trend for a second consecutive day, offering what market watchers are calling a potential buying opportunity for consumers ahead of the wedding season.
According to local bullion markets, the price of 24-karat gold per tola dropped by Rs8,100 to settle at Rs491,362. Similarly, the price of 10 grams declined by Rs6,945, reaching Rs421,263. Analysts say the sharp decline reflects continued weakness in international bullion trends.
In global markets, gold also slid, falling $81 per ounce to $4,686. The latest dip follows a significant drop recorded a day earlier, when prices plunged by Rs24,300 per tola, pushing the rate below the psychologically important Rs500,000 mark.
Silver prices also eased locally, with per tola silver decreasing by Rs50 to Rs7,684.
Economic experts attribute the downturn to a stronger US dollar, shifting interest rate expectations, and changing investor sentiment amid global economic uncertainty. They note that reduced safe-haven demand has also pressured gold prices internationally.
Jewelers report increased customer interest as lower prices attract buyers, particularly those planning wedding purchases. However, they caution that volatility remains high and prices could fluctuate sharply in the coming days.
Analysts further suggest that if global trends persist, additional softening in local gold rates may occur. At the same time, any major geopolitical or financial shift could quickly reverse the current trajectory.
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