- Reduction in price of gold (24 carat) by Rs.2700 per tola.
- The international market fluctuates between fluctuations.
- Silver prices in the domestic market remain unchanged.
Gold prices in Pakistan on Thursday fell by over Rs 2,000 in a day after touching a historic high, with analysts attributing today’s decline to volatility in the international market.
According to data provided by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold (24 karat) per tola decreased by Rs 2,700 and Rs 2,314 per 10 grams to Rs 237,300 and Rs 203,447 respectively. It reached Rs. .
AA Commodities Director Adnan Agar said Geo.tv That although rates in the international market had risen, the price of the yellow metal had seen a decline as the market was jittery due to uncertainty surrounding the US debt ceiling.
Gold prices fell as the dollar strengthened, while markets looked to US inflation data to gauge the Federal Reserve’s next policy move.
“Near-term debt ceiling talks and US macro data will weigh on gold. Longer-term, it could still move higher due to a weaker dollar and lower real rates,” UBS analyst Giovanni Stonovo said. said
The price of gold per ounce in the international market was 2038 dollars after an increase of 7 dollars.
The price of the precious metal rose by Rs 9,900 to Rs 240,000 per tola due to the ongoing political crisis after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.
With the economy already in dire straits, people prefer to buy gold to protect themselves from inflation and currency depreciation.
Weekly inflation hit a year-on-year (YoY) high of 48.35% with chicken and wheat flour prices rising in the seven days ended May 4.
Meanwhile, it looks like Pakistan may not get a significant tranche from the International Monetary Fund (IMF) anytime soon, as the country’s debt program is not on the agenda of the lender’s executive board until May 17.
A delay in the recovery of the IMF program has a negative impact on the currency market, which in turn increases the demand for gold.
Data shared by the association showed that silver prices remained unchanged at Rs 3,100 per tola and Rs 2,657.7 per 10 grams.