On December 4, 2023, gold rates in Pakistan face downward pressure, deviating from the global uptrend.
In a surprising turn of events, the gold market in Pakistan witnessed a decline today, contrary to the positive trajectory seen in the international market. Despite a $14.44 gain, bringing global gold prices to around $2086 on Monday, the precious metal’s value in Pakistan has taken a dip.
As of the first day of the week, a single tola of 24-karat gold is priced at Rs217,000 in Pakistan, with 10 grams of 24k gold costing Rs186,043. The rates for other karats stand at Rs170,539 for 22-karat, Rs192,325 for 21-karat, and Rs164,850 for 18k gold.
The decline in gold prices is notable across major cities in Pakistan. In Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, Attock, Gujranwala, Jehlum, Multan, Bahawalpur, Gujrat, Nawabshah, Chakwal, Hyderabad, Nowshera, Sargodha, Faisalabad, and Mirpur, the gold rate is consistent at PKR 217,000 per tola.
Despite the positive momentum in the global gold market, the local dynamics in Pakistan are influencing a temporary dip in prices. Investors and analysts are closely watching the market to understand the factors contributing to this local deviation from the global trend.
Stay tuned for further updates on the fluctuating gold market in Pakistan as analysts assess the economic landscape and potential influences affecting precious metal prices in the country.
