In a significant turn of events, gold prices in Pakistan have experienced a sharp decline, dropping by Rs5,400 per tola on Thursday, November 7, 2024. This price adjustment aligns with global market trends in the aftermath of Donald Trump’s victory in the US presidential election. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola has now settled at Rs276,800.
Key Price Changes in Pakistan’s Gold Market
- 24-Karat Gold: The price of 24-karat gold per tola saw a drastic fall of Rs5,400, reaching Rs276,800.
- 10-Gram Gold: The cost of 10 grams of 24-karat gold also dropped by Rs4,630, now priced at Rs237,311.
Global Impact on Gold Prices
In the international market, the price of gold took a major hit, dropping by $65 to reach $2,662 per ounce. Additionally, an extra premium of $20 was added, reflecting broader shifts in the precious metals market.
Silver Prices in Pakistan
Alongside the significant decline in gold prices, silver prices in Pakistan also faced a reduction. On Thursday, the price of silver per tola decreased by Rs130, bringing it down to Rs3,300 in the local market.
What’s Driving the Decline in Precious Metals Prices?
The sharp decline in both gold and silver prices can be attributed to the global economic shifts following Donald Trump’s victory in the US presidential election. Global market reactions often influence precious metals, and this massive price drop is a clear reflection of those changes.
The significant fall in gold prices presents both challenges and opportunities for investors in Pakistan. While gold’s decline may deter some buyers, it could provide a potential opportunity for others to purchase at lower prices. As always, the market remains volatile, and any further developments in global politics and the economy could continue to affect these precious metals.
Stay informed and updated with the latest trends in the precious metals market as global events unfold.
