Gold Prices Decrease by Rs 1200 – In a notable shift this Wednesday, the price of gold in Pakistan took a significant dip. The cost of 24-karat gold per tola dropped by Rs1,200, settling at Rs211,800.
Similarly, the price of 10 grams of this precious metal also saw a decrease of Rs1,029, reaching Rs18,584.
Global Market Impact
In the global market, spot gold witnessed a modest 0.2% decline, reaching $1,978.14 per ounce. At the same time, U.S. gold futures dropped by 0.4% to $1,987.10.
It’s worth noting that just recently, spot gold had surged by an impressive 7.3% in October, reaching a five-month high of $2,009.29.
Future Projections
Looking ahead, gold prices may remain within a range of $1,951 to $1,964 per ounce. This is due to the precious metal’s inability to break the $2,010 resistance level, as suggested by Reuters’ technical analyst, Wang Tao.
Market Dynamics
Additionally, other precious metals also experienced some changes. Spot silver declined by 1.5% to $22.56 per ounce, platinum slipped by 0.9% to $925.18, and palladium remained steady at $1,116.19.
These market shifts provide valuable insights for investors and those interested in the fluctuating world of precious metals. As oer the recent update gold prices decrease by Rs 1200.
