Due to recent changes in the state of the world economy, gold prices have decreased on both local and worldwide markets.
The price of gold per ounce dropped by $9 on the global stage, ending at $2,859. Pakistan saw a sharp decline in gold prices, mirroring this downward trend. The price of one tola of gold dropped to Rs298,700, a decline of Rs900. Similar to this, the price of 10 grams of gold dropped by Rs772 to Rs256,087.
This drop comes during a time when the gold market was volatile due to changing investor attitudes and wider economic worries. Prior to this, geopolitical tensions and worries about a possible trade war caused gold prices in Pakistan to soar, with one tola hitting a record Rs299,600. Rapid price increases were caused by factors such as the US-China trade disputes and remarks regarding the Gaza Strip, which attracted investors to gold as a safe haven.
In the context of this persistent uncertainty, the recent decline is viewed as a correction. As of right now, the gold market is still susceptible to developments in the world economy, and prices could change further over the next few weeks.
