Gold Prices Decline in Pakistan Amid Volatile Markets

Gold prices in Pakistan saw a considerable drop on October 31, 2024, as market fluctuations continue to affect the precious metals sector. The price of 24-karat gold per tola fell by Rs. 700, bringing it to Rs. 287,200, while 10 grams of 24-karat gold decreased by Rs. 600, now priced at Rs. 246,228. Internationally, the price of gold also slipped, dropping by $7 to $2,777.

This decline in gold prices offers a slight relief to consumers and investors amid an unpredictable market. Analysts attribute the decrease to shifting demand and global economic conditions that have recently influenced the value of precious metals.

In stark contrast, silver prices in Pakistan have hit a record high. The price of 24-karat silver per tola rose by Rs. 100, now reaching Rs. 3,450, while the international rate for silver climbed to $33.56. This surge highlights the complex dynamics of the precious metals market, as different factors continue to drive each metal’s performance.

Meanwhile, the Pakistan Telecommunication Authority (PTA) has announced the addition of three new submarine cables over the next two years, aiming to bolster internet connectivity across the country. As market dynamics evolve, fluctuations in gold and silver rates are likely to continue, with experts closely watching global trends.