Gold price in Pakistan dropped significantly on Thursday, reflecting changes in both local and international markets. According to official data, the 24-karat gold rate fell by Rs1,900 per tola, settling at Rs347,500.
Key Points
- Gold price in Pakistan dropped by Rs1,900 on Thursday, now at Rs347,500 per tola.
- 24-karat gold per 10-gram now costs Rs297,925, down Rs1,629.
- 22-karat gold price adjusted to Rs273,107 per 10-gram.
- Silver price dropped by Rs38 per tola.
- Global spot gold fell 0.65%, trading at $3,298 amid a stronger dollar.
Market Context: Local and Global Factors Weigh on Gold Prices
The recent fall in gold price in Pakistan aligns with global trends, as international spot gold slipped to $3,298 per ounce. This decline of $21.5, or 0.65%, came despite gold reaching a two-week high earlier in the day.
A key driver behind the global pullback was the strengthening of the US dollar. A firmer dollar typically reduces investor appetite for commodities like gold, making them more expensive in other currencies.
Despite the downward pressure, concerns about the United States’ rising fiscal deficit and growing debt kept gold prices elevated above the $3,300 mark. The lingering uncertainty in fiscal policy continues to create mixed sentiment in the global bullion market.
Technical Insights: Support and Resistance Levels in Focus
In technical terms, the local gold market sees a key support level near Rs345,000 per tola. Should global gold prices decline further, this support may be tested.
On the upside, resistance is anticipated around Rs351,000, the previous high from earlier this week. If prices rebound, investors may watch for a breakout above this level for new buying signals.
Meanwhile, silver followed a similar pattern, dipping by Rs38 per tola to reach Rs3,428. The 10-gram rate also fell by Rs33, now priced at Rs2,938.
These technical levels are critical for traders and investors making short-term decisions in the metals market.
Expert Opinions: Dollar Strength Versus Fiscal Anxiety
Financial experts note that while gold is pressured by short-term dollar gains, its long-term outlook remains resilient. “As long as global debt concerns remain unresolved, gold will find underlying support,” said a senior analyst at a local investment firm.
He added that any signs of dovish monetary policy in the coming months could boost gold once again, especially if inflation fears rise.
Conclusion: Market Awaits Direction Amid Mixed Signals
The latest drop in gold price in Pakistan signals a temporary correction influenced by international dynamics. Local investors should watch global finances and currency changes to understand future trends.
While short-term volatility is evident, the long-term fundamentals continue to favor gold as a hedge against economic instability.
For daily insights and expert guidance, visit Daily Gold Signal. Check out the latest news in our Daily http://Daily Gold Update Gold Update section.
FAQs About Gold Price Drop in Pakistan
1. What is the current gold price in Pakistan?
As of Thursday, the gold price in Pakistan is Rs347,500 per tola for 24-karat gold.
2. How much did the gold price fall today?
The gold price dropped by Rs1,900 per tola in the latest update.
3. What is the price of 24-karat gold per 10 grams?
The 10-gram price of 24-karat gold is now Rs297,925 after a decrease of Rs1,629.
4. Has the price of silver also changed?
Yes, silver prices fell by Rs38 per tola, now selling at Rs3,428 per tola.
5. Why did the gold price drop in Pakistan?
The drop is linked to global trends, including a stronger US dollar and changing investor sentiment.
6. Will gold prices continue to fall?
Future prices depend on global economic conditions, currency strength, and investor demand.
7. Where can I find daily gold price updates?
You can visit Daily Gold Signal for regular updates and expert analysis.
