Historic Drop in Gold Prices – Global and Local Markets See Record Decline
KARACHI: The international and local gold markets witnessed a historic decline in prices today, marking one of the biggest single-day drops in recent years. This sharp fall comes as a result of reduced global investment in gold, a stronger US dollar against other major currencies, and decreased geopolitical tensions around the world.
According to the latest reports, the international bullion market recorded a massive decrease of $140 per ounce, bringing the gold price down to $3,940 per ounce. Experts say that as investors shift their focus from gold to other assets, the overall demand for precious metals has weakened.
Impact on Pakistan’s Local Market
Following the global trend, Pakistan’s local gold market also experienced a major price reduction. The price of 24-karat gold per tola dropped by Rs. 14,000, reaching Rs. 416,362.
Similarly, the price of 10 grams of gold decreased by Rs. 12,300, now standing at Rs. 356,963.
Gold traders in Karachi and Lahore noted that this is the steepest price cut seen in the country’s market history. Many jewelers believe that if global prices continue to fall, further reductions could be expected in the coming days.
Silver Prices Also Drop
The decline wasn’t limited to gold. Silver prices also fell sharply across the country.
- The price per tola of silver fell by Rs. 173, bringing it down to Rs. 4,924.
- Meanwhile, 10 grams of silver dropped by Rs. 148, now priced at Rs. 4,221.
Market Outlook
Experts suggest that the recent drop is temporary and linked to the strong performance of the US dollar and the stabilization of global markets. However, if international tensions rise again or the dollar weakens, gold prices could rebound.
For now, investors and buyers are closely monitoring the market, as the current decline has created a rare opportunity for those planning to invest in gold at lower prices.
