Gold Price in Pakistan Drops After Reaching Record High

Gold price in Pakistan has finally started moving easier after a jump that had pushed the precious metal prices to all-time high. Many depend upon gold as an investment or saving tool, and those people who have been reaping benefits of these fluctuations in the price may see their savings and other plans going down the drain.

Reported data of All-Pakistan Gems and Jewellers Sarafa Association showed that the price of 24-carat gold witnessed a decrease of Rs. 2,300 per tola in Pakistan, priced at Rs.283,100 on Thursday. Ten-gram gold decreased to Rs. 242,713, with a fall of Rs. 1,971.

Recent Gold Price Surge

Gold had been rising upward for a year. Its prices had seen a steep rise. It had hit Rs 275,000 per tola on October 15. In a little over a week, it crossed Rs 10,000 mark and reached a historical high of Rs 285,400 per tola on October 23. This sharp rise sent many investors and jewelry buyers in a tizzy about their investments as gold is often seen as the safest refuge during times of economic uncertainty.

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Global Gold Prices Also Rising

Global market gold prices have also increased. Spot gold increased 0.7 percent to $2,735.26 an ounce by 0740 GMT, close to a record high of $2,758.37 that it touched on Wednesday. Meanwhile, US gold futures were up 0.7 percent at $2,747.90 an ounce.

With both a localized price surge and international price movements, gold may continue to prove an investment that is quite volatile, and buyers and sellers alike will therefore want to keep abreast of the latest trends.