Gold prices saw a decline after hitting record highs in recent days. The drop was reflected both in the international market and in local markets across Pakistan. Meanwhile, silver prices remained steady despite fluctuations in the gold market.
Gold Price Decrease in Local Markets
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported a decrease in the price of gold across local markets. Here’s the breakdown:
- 24-carat gold: Decreased by Rs 500, bringing the price to Rs 275,500 per tola.
- Gold (10 grams): Price dropped by Rs 428, settling at Rs 236,197.
Global Market Impact on Gold Price
In the international bullion market, gold prices also saw a small decline:
- Gold per ounce: Fell by $4, now priced at $2,653.
Despite these decreases, gold prices had recently surged to record highs in both local and international markets.
Stability in Silver Prices
Unlike gold, silver prices remained unchanged, showing stability in both local and global markets.
- Silver per tola: Stayed at Rs 3,050.
- Silver (10 grams): Remained at Rs 2,614.88.
Recent Gold Price in Market Trends
Earlier, gold prices in Pakistan reached a record high, jumping by Rs 2,300 in just one day, with prices hitting Rs 264,000 per tola. This sharp increase was influenced by global trends as investors prepared for upcoming inflation data.
Key International Factors:
- Gold increase: Rose by $23 per ounce, nearing its previous high at $2,524.
- Investor anticipation: A potential slowdown in US inflation could lead to a significant interest rate cut by the US Federal Reserve.
- Weak job market data: August figures showed weak unemployment and job creation, adding to investor speculation.
Pakistani Rupee Strengthens
While gold prices fluctuated, the Pakistani rupee strengthened slightly against the US dollar.
- Inter-bank market: Rupee gained Rs 0.08, closing at Rs 278.54 per dollar.
- Open market: Improved by Rs 0.10, settling at Rs 280.85 per dollar.
Forex and Investor Activity:
- Foreign investors reportedly invested $27 million in Pakistan’s government debt securities, helping to bolster the country’s forex reserves and providing support for the rupee.
Gold Price Today
The dip in gold prices comes after reaching record highs, influenced by both local and international market dynamics. While gold experienced a slight drop, silver remained steady, and the strengthening Pakistani rupee has provided a sense of stability amid fluctuating market conditions. Investors will be closely watching the developments in the global market and inflation data for further insights.