24-karat gold price in Pakistan drops by Rs1,800 per tola

KARACHI: In a noteworthy development, the price of gold in Pakistan experienced a substantial downturn, marking a notable trend in the precious metal market.

According to the latest reports, the per-tola price of 24-karat gold plummeted by Rs1,800, reaching Rs216,800 in the local market on Saturday.

Similarly, the price of 10 grammes of 24-karat gold saw a considerable reduction of Rs1,543 and is now being traded at Rs185,871 in the domestic market.

The international market also reflected this downward trend, with gold prices dropping by $15 to $2,040, as reported by the Association.

This decline in gold prices follows a recent peak reached on Thursday, where gold prices touched a 10-day high.

This surge was attributed to the weakening US dollar and a slip in Treasury yields, aligning with the Federal Reserve’s indication of concluding its monetary policy tightening cycle.

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At 3:17 pm ET (2017 GMT), spot gold demonstrated a 0.4 per cent increase, settling at $2,034.31 per ounce, while US gold futures exhibited a 2.4 per cent rise, concluding at $2,044.90.

Simultaneously, spot silver witnessed a 1.6 per cent rise, reaching $24.13 per ounce, and platinum experienced a significant gain of 2.6 per cent, achieving its highest value since September at $958.51.

In a remarkable turn of events, Palladium stood out by surging 11 per cent to $1,102.44, marking its most substantial session since March 2020.

This surge follows a period of volatility, including hitting a five-year low earlier this month.

The fluctuations in the precious metal market continue to be influenced by global economic factors and policy signals from key financial institutions.