KARACHI: In a notable shift, gold prices in Pakistan experienced a significant drop on Thursday, with the price of 24-karat gold falling by Rs5,400 per tola, settling at Rs276,800 in the local market, according to the All Sindh Saraf Jewellers Association.
This decline mirrors a trend in the international market, where gold prices dropped by $65, reaching $2,662 per ounce, following the US elections. The price of 10 grams of gold also decreased by Rs4,630, now standing at Rs237,311.
Silver prices also saw a reduction, with the price of silver per tola falling by Rs130 to Rs3,300, and 10-gram silver rates decreasing by Rs111.46 to Rs2,829.21.
The fluctuations in gold prices in Pakistan are often influenced by international market trends, with local prices typically adjusted to include a premium of $20 per ounce above the global rate. Experts attribute the recent dip to changes in the value of the US dollar, which has been affected by political developments in the United States.
Goldsmith Muhammad Shafi Khan explained the impact of these changes, linking the recent drop in prices to the strength of the US dollar following Donald Trump’s election success. “With the strengthening of the dollar, gold prices have decreased. If Trump follows through on his promise to resolve the Ukraine conflict, the dollar could strengthen further, leading to an additional drop in gold prices,” Khan said.
