KEY POINTS
- Gold price per tola in Pakistan drops by Rs1,400 to Rs444,900.
- 10-gram gold price decreases by Rs1,200 to Rs 382,630.
- Global gold price declines by $17 to $4,235 per ounce.
- Silver price per tola falls by Rs12 to Rs5,261 amid market fluctuations.
ISLAMABAD: Gold prices in Pakistan experienced significant volatility on Monday, and closed the session losing nominal value amid contracting demand and technical correction.
The price of 24-karat gold per tola declined by Rs 1,400, closing at Rs 444,900, while the 10-gram variant dropped by Rs 1,200 to Rs382,630.
This movement follows a global downturn, where gold prices fell by $17 to $4,235 per ounce, reflecting investor caution amid economic uncertainties.
Market Dynamics
The decline in gold prices is attributed to a combination of factors, including a temporary dip in international gold rates, local currency stability, and subdued buying activity.
Traders reported that many investors and retail buyers are holding off on purchases in anticipation of more favourable rates.
Silver Market
The silver market mirrored the trend in gold, with the price per tola decreasing by Rs 12 to Rs 5,261.
Analysts noted that fluctuations in global precious metal markets, along with domestic economic indicators, continue to influence silver prices.
Investor Sentiment
Despite the short-term decline, experts observe that precious metals remain a preferred hedge against inflation and currency depreciation.
The surge in demand from retail and institutional investors earlier in the last week underscored the ongoing appeal of gold and silver as safe-haven assets to take the market to the inflated levels.
Outlook
Market observers suggest that both gold and silver prices are likely to remain volatile in the coming sessions, influenced by global market trends, currency fluctuations, and investor behaviour.
Close monitoring of international developments and local economic indicators will be crucial for informed trading and investment decisions.
