KARACHI: Gold and silver prices have once again witnessed a significant downward correction in Pakistan’s local bullion markets, with gold falling by Rs.11,000 per tola, while silver has also recorded a notable decrease following a week of extreme volatility.
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association for Thursday and made available to MM News, the price of 24-carat gold per tola decreased by Rs.11,000, reaching Rs.468,262. This sharp drop follows a surge just yesterday, where the market peaked at Rs.479,262 per tola after a massive two-day climb of over Rs.31,000. The 10-gram rate for 24-carat gold similarly retreated by Rs.9,430 to settle at Rs.401,459, while the 22-karat gold price adjusted to Rs.368,017.
Market analysts believe this cooling-off period in the Karachi market is largely a reflection of a $110 dip in the international gold price, which currently stands at $4,455.
The week, it may be added here, began with a dramatic Monday plunge of Rs.3,600, bringing the rate to a weekly low of Rs.447,762, only for prices to rebound aggressively on Tuesday and Wednesday as global demand intensified.
Silver prices have mirrored this roller-coaster trajectory, dropping by Rs.340 today to reach Rs.7,484 per tola, down from yesterday’s high of Rs.7,824.
While today’s correction provides some breathing room for buyers, local traders remain watchful of the inter-bank exchange rates, as the market continues to grapple with one of the most unpredictable weeks in recent memory.
