Pakistan’s gold prices drop amid global market changes

WEB DESK: Gold prices decreased in Pakistan on Saturday after hitting a record high previously.

According to sources, the cost of 24-karat gold is Rs246,500 per tola after experiencing a price rise of Rs1,100.

Read more: Gold prices cross Rs 247,000 per tola

Meanwhile, the cost of ten grams of 24-karat gold, went down by Rs943 to now trade at Rs211,334. The price of ten grams of 22-karat gold similarly followed a dip to trade at Rs193,723.

The rate of gold in the international markets balanced at $2,344 per ounce. In Pakistan, the rate of gold per ounce settled at $2,364 with a premium of $20. The international gold market witnessed a decline of $11 dollars on Saturday.

Fluctuations in gold prices is closely linked to changes in the value of the dollar at international markets, and international events such as the recent Ukraine-Russia war.

Read more: Gold surges past $2,400 per ounce, setting new all-time record

Previously, gold rates hit a record high on Friday as the precious metal surpassed $2,400 per ounce for the first time. According to market analysts, the surge was driven by investor interest and other factors.

Gold prices went up because people expected the United States (US) Federal Reserve might reduce interest rates and due to the Ukraine-Russia War. Analysts also pointed to central banks across the world wanting to buy more gold, particularly China.

Experts think these factors will keep gold prices high. They say if prices go down a bit, it won’t be by much. They identified certain levels where gold prices might stop falling: at $2,450, $2,500, and $2,645 per ounce.