In a notable development, the price of gold in Pakistan has declined substantially. According to the All Pakistan Jewellers and Gems Association, the price of gold per tola has decreased by 7800 rupees, resulting in a new price of 240,900 rupees per tola. This downward trend has also affected the price of 10 grams of gold, which has decreased by 6687 rupees to 206,533 rupees.
The decline in gold prices is not exclusive to Pakistan. The global currency market has also witnessed a decrease, with the price of gold dropping by 72 dollars per ounce. The current price of gold in the global market stands at 2289 dollars per ounce.
This significant decrease in gold prices is expected to have a positive impact on the jewellery market in Pakistan. Consumers are likely to take advantage of the reduced prices to purchase gold ornaments and coins, thereby boosting the jewellery industry.
The decline in gold prices can be attributed to various factors, including economic uncertainty, geopolitical tensions, and changes in global supply and demand. Investors may be moving away from gold and toward other safe-haven assets, such as bonds or cash, due to concerns about the global economy.
It is important to note that gold prices are subject to fluctuations, and the current decline may not necessarily indicate a long-term trend. However, the recent decrease has provided consumers with an opportunity to purchase gold at reduced prices.
