In trading over the last 21 hours, gold prices in Pakistan have experienced a downward trend, reflecting a broader weakness in the international market. According to the latest data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell to Rs. 443,860, marking a decrease of Rs. 2,220 from the start of the day. This decline comes as the international gold rate dropped by $10.36, settling at $4,191.04 per ounce compared to the $4,201.40 recorded at the beginning of the day.
The local bullion market mirrored these international trends, with the price of 10 grams of gold also experiencing a decline. As of the latest update, it stood at Rs. 380,716, reflecting the overall bearish sentiment in the market. The APGJSA attributed this drop to fluctuations in global demand and a strengthening of the US dollar, which typically pressures gold prices downward.
On the international front, the gold market faced headwinds as investors adjusted their positions in response to monetary policy signals and economic indicators. The global market’s high for the day was $4,219.10, while the low touched $4,176.00, underscoring the volatility that has characterized trading sessions.
Silver prices in Pakistan followed a similar trajectory, albeit with a more modest decrease. The price per tola of silver fell by Rs. 37, bringing it down to Rs. 5,172. This movement in silver prices further reflects the general cooling of precious metals, as reported by APGJSA.
This downturn in the precious metals market comes amidst a backdrop of shifting economic policies and currency dynamics, which have influenced investor sentiment globally. As markets continue to adjust, traders in Pakistan and around the world are closely monitoring developments that may impact future prices. The coming days will likely provide further insights into the direction of these commodities as economic reports and central bank actions unfold.
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