Gold Prices Plummet in Pakistani Markets

Gold Prices Plummet in Pakistani Markets

Sabiha Rajpoot | December 16, 2023 | 11:44 PM IST | Pakistan News | Follow on Google News

Gold Prices Plummet in Pakistani Markets

Gold Prices Plummet in Pakistani Markets

The glittering allure of gold took a significant hit in the local market as the per tola price of 24 karat gold experienced a substantial decline on Saturday. In a noteworthy development, the price plummeted by Rs1800, marking a sharp downturn and bringing it to Rs.216,800 in the domestic market. Simultaneously, the 10-gram equivalent of 24-karat gold witnessed a dip of Rs1543, now priced at Rs185,871.

Global Trends Reflect Local Realities

While the local gold market experiences a decline, the global scenario mirrors this trend. The international market saw a $15 decrease, with gold now priced at $2,040, as reported by the Association. This shift in global prices can be attributed to recent developments, particularly the 10-day high observed in gold prices on Thursday. This surge coincided with a slip in the U.S. dollar and Treasury yields, following signals from the Federal Reserve indicating a conclusion to its monetary policy tightening cycle.

Spot gold responded to these cues by rising 0.4% to $2,034.31 per ounce by 3:17 p.m. ET (2017 GMT), while U.S. gold futures settled 2.4% higher at $2,044.90. In addition to gold, other precious metals also experienced fluctuations. Spot silver recorded a 1.6% increase to $24.13 per ounce, and platinum gained 2.6%, reaching its highest level since September at $958.51. Palladium, in a remarkable turn of events, surged by 11% to $1,102.44, marking its best session since March 2020 after hitting a five-year low earlier this month.

Gold Prices Plummet in Pakistani Markets

The glittering allure of gold took a significant hit in the local market as the per tola price of 24 karat gold experienced a substantial decline on Saturday. In a noteworthy development, the price plummeted by Rs1800, marking a sharp downturn and bringing it to Rs.216,800 in the domestic market. Simultaneously, the 10-gram equivalent of 24-karat gold witnessed a dip of Rs1543, now priced at Rs185,871.

Global Trends Reflect Local Realities

While the local gold market experiences a decline, the global scenario mirrors this trend. The international market saw a $15 decrease, with gold now priced at $2,040, as reported by the Association. This shift in global prices can be attributed to recent developments, particularly the 10-day high observed in gold prices on Thursday. This surge coincided with a slip in the U.S. dollar and Treasury yields, following signals from the Federal Reserve indicating a conclusion to its monetary policy tightening cycle.

Spot gold responded to these cues by rising 0.4% to $2,034.31 per ounce by 3:17 p.m. ET (2017 GMT), while U.S. gold futures settled 2.4% higher at $2,044.90. In addition to gold, other precious metals also experienced fluctuations. Spot silver recorded a 1.6% increase to $24.13 per ounce, and platinum gained 2.6%, reaching its highest level since September at $958.51. Palladium, in a remarkable turn of events, surged by 11% to $1,102.44, marking its best session since March 2020 after hitting a five-year low earlier this month.

Gold Prices Plummet in Pakistani Markets

The glittering allure of gold took a significant hit in the local market as the per tola price of 24 karat gold experienced a substantial decline on Saturday. In a noteworthy development, the price plummeted by Rs1800, marking a sharp downturn and bringing it to Rs.216,800 in the domestic market. Simultaneously, the 10-gram equivalent of 24-karat gold witnessed a dip of Rs1543, now priced at Rs185,871.

Global Trends Reflect Local Realities

While the local gold market experiences a decline, the global scenario mirrors this trend. The international market saw a $15 decrease, with gold now priced at $2,040, as reported by the Association. This shift in global prices can be attributed to recent developments, particularly the 10-day high observed in gold prices on Thursday. This surge coincided with a slip in the U.S. dollar and Treasury yields, following signals from the Federal Reserve indicating a conclusion to its monetary policy tightening cycle.

Spot gold responded to these cues by rising 0.4% to $2,034.31 per ounce by 3:17 p.m. ET (2017 GMT), while U.S. gold futures settled 2.4% higher at $2,044.90. In addition to gold, other precious metals also experienced fluctuations. Spot silver recorded a 1.6% increase to $24.13 per ounce, and platinum gained 2.6%, reaching its highest level since September at $958.51. Palladium, in a remarkable turn of events, surged by 11% to $1,102.44, marking its best session since March 2020 after hitting a five-year low earlier this month.

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Sabiha Rajpoot

Sabiha Rajpoot, a young journalist, having BA- Journalism degree, writes on different scenarios. Sabiha is also a doctor degree at DHMS.