Gold Prices Decline in Pakistan and Globally for Second Consecutive Day, Silver Remains Stable

Gold prices in Pakistan continued their downward trajectory for the second consecutive day, aligning with a global decline in the precious metal’s value, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). The price of 24-karat gold per tola fell by Rs1,800 on Friday, settling at Rs350,900, while the price of 10 grams of 24-karat gold decreased by Rs1,543 to Rs300,840. This marks a significant drop from the recent highs observed earlier this month, reflecting broader market trends.

The global gold market mirrored this decline, with the price per ounce dropping by $18 to $3,325, as reported by the APGJSA. The fall in gold prices is attributed to a combination of factors, including a strengthening US dollar and reduced geopolitical tensions in some regions, which have diminished the demand for gold as a safe-haven asset. Analysts note that fluctuations in international markets, coupled with local supply and demand dynamics, continue to influence Pakistan’s gold rates, which are closely tied to the Karachi Sarafa Market.

In contrast, silver prices in Pakistan remained stable, with 24-karat silver priced at Rs3,417 per tola and Rs2,929 per 10 grams, showing no change from the previous day. The stability in silver prices provides some relief to investors and jewelers, who rely on the metal for both investment and ornamental purposes. The APGJSA, which sets daily rates based on international trends and local market conditions, emphasized that silver’s steady performance contrasts with the volatility seen in the gold market.

The decline in gold prices comes amidst heightened India-Pakistan tensions, which some analysts speculate may have indirectly impacted investor sentiment in the region. Posts on X have suggested a link between the ongoing conflict and gold price fluctuations, though no direct correlation has been confirmed. Meanwhile, the APGJSA and market experts urge investors to monitor global economic indicators, including US interest rates and currency exchange rates, which significantly affect gold prices in Pakistan.

As the gold market navigates this period of volatility, jewelers and investors across Pakistan are adjusting their strategies, with some anticipating further declines while others view the dip as a buying opportunity. The stable silver market, on the other hand, continues to offer a predictable alternative for those looking to diversify their portfolios.