Gold prices take another downward slide in Pakistan

KARACHI: Gold prices in Pakistan witnessed another sharp decline Monday, with rates falling by hundreds of rupees amid geopolitical developments impacting businesses across the region.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold per tola dropped by Rs1,600, bringing it down to Rs347,100.

Similarly, the price of 10 grams of 24-carat gold fell by Rs1,368 to settle at Rs297,582, while 10 grams of 22-carat gold was sold for Rs272,784.

Meanwhile, the prices of silver remained unchanged, with the rate per tola recorded at Rs3,497 and 10 grams at Rs2,997.

The association noted that gold prices in the international market also saw a decline of $16, bringing the global rate to $3,305 per ounce.

It is worth mentioning that on April 25, the price of 24-carat gold per tola had decreased by Rs3,300 to Rs348,700. Similarly, the price of 10 grams of 24-carat gold had dropped by Rs2,833 to Rs298,950, while 10 grams of 22-carat gold was recorded at Rs274,047 after a decrease of Rs2,597.

Earlier, on April 23, the per tola price of 24-carat gold had dropped by Rs11,700 to settle at Rs352,000.

Despite the regional developments in the aftermath of Pahalgam incident, experts and jewellers in Pakistan have attributed the recent volatility in gold prices primarily to the global market situation.

SBP report highlights positive macroeconomic trends in H1-FY25

Ongoing trade tensions between the United States and China have created an atmosphere of uncertainty, prompting investors to seek safe-haven assets such as gold. In addition, central banks in major economies — particularly the US, China, and the European Union — are rapidly increasing their gold reserves.

Meanwhile, Pakistan Stock Exchange (PSX) benchmark 100 Index closed in the negative zone, falling 1,405 points or (-1.22%) closing at 114,063 level amid geopolitical jitters that continue to shake the market.

The trading session witnessed a classic tug-of-war between bulls and bears. The Index opened on a positive note, gaining strong momentum in the early hours of the session to register an intraday high of 1,189 points.

However, the optimism proved short-lived, as intensified selling pressure later in the session caused the Index to reverse sharply, touching an intraday low of 1,601 points, Topline Securities research stated.