- Gold prices in Pakistan fell for the sixth consecutive day, reaching a six-week low of Rs. 212,000 per tola on Saturday.
- The decline was largely attributed to the weakening of the US dollar in the open market.
- Investors and consumers are advised to keep a close watch on market trends, as such fluctuations can have a significant impact on their financial decisions.
The price of gold in Pakistan experienced a significant decline for the sixth consecutive day this week, closing at Rs. 212,000 per tola on Saturday. Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of 24-carat gold dropped by Rs. 500 per tola to reach Rs. 212,000, while the price of 10 grams also decreased by Rs. 428, closing at Rs. 181,756 on Saturday.
The week started with a modest decrease of Rs. 700 per tola on Monday. However, as the week progressed, the price saw substantial declines of Rs. 6,300, Rs. 10,500, Rs. 5,800, and Rs. 4,000 per tola on Tuesday, Wednesday, Thursday, and Friday, respectively. In total, the price of gold plummeted by a remarkable Rs. 27,800 per tola throughout the week.
This sharp decline in gold prices can largely be attributed to the weakening of the US dollar in the open market over the course of the week. As the dollar’s exchange rate dropped, it had a direct impact on the price of gold, making it more affordable for buyers in Pakistan.
While the decline in gold prices may be a boon for those looking to purchase gold for various purposes, it underscores the volatile nature of the global economic landscape. Investors and consumers alike are advised to keep a close watch on market trends, as such fluctuations can have a significant impact on their financial decisions.