Gold Prices Fall in Pakistan Amid Global Decline

On September 18, 2024, gold prices in Pakistan dropped by Rs 300 per tola, settling at Rs 267,700, due to a decrease in international gold rates. The price of 10 grams of 24-karat gold fell by Rs 257 to Rs 229,510, reflecting similar declines in the global market where gold prices dropped by $18 to $2,569 per ounce. The decline is attributed to a stronger US dollar and rising bond yields, which led investors to offload gold holdings. The All Sindh Sarafa Jewellers Association confirmed these price changes, noting that silver prices remained stable. Despite the current dip, market experts warn of ongoing volatility in gold prices influenced by global economic uncertainties. The recent trends highlight the direct correlation between international gold prices and local market rates in Pakistan, given the country's reliance on imported gold.