The price of 24-karat gold witnessed a notable decline, falling by Rs.600 per tola, as reported on Tuesday. The precious metal was traded at Rs.217,300, marking a decrease from its previous sale price of Rs.217,900 on the last trading day. Similarly, the cost of 10 grams of 24-karat gold also experienced a dip, decreasing by Rs.514 to Rs.186,300 from its earlier rate of Rs.186,814.
According to the All Sindh Sarafa Jewellers Association, the prices of 10 grams of 22 karat gold followed suit, dropping to Rs.170,775 from Rs.171,246. The Association provided insights into the market dynamics, highlighting the downward trend in gold prices.
In contrast, the rates for silver remained unchanged, with the cost per tola and ten grams holding steady at Rs.2,650 and Rs.2,271.94, respectively.
Furthermore, the international market reflected a similar trend, with the price of gold experiencing an $8 decrease to $2,067 from its previous value of $2,075, as reported by the Association. This decline in global gold prices further contributed to the overall shift in the domestic market.
The reasons behind this drop in gold rates were not explicitly mentioned in the report. However, fluctuations in international markets and economic conditions often play a significant role in influencing the prices of precious metals. Investors and individuals closely monitoring the gold market will continue to observe these developments, anticipating potential shifts in the future.