KARACHI – Gold prices in Pakistan saw a significant decline in line with downward trend in international market on Thursday.
Data shared by All Pakistan Gems and Jewellers Association showed the price of 24-karat gold dropped by Rs5,000 per tola, reaching Rs426,562.
Similarly, the price of 10 grams of gold decreased by Rs4,286, bringing it down to Rs365,708.
The precious commodity witnessed gains in previous sessions due to global factors like geopolitical risks, an economic slowdown, and increased gold purchases by central banks. Furthermore, expectations of a potential decrease in US interest rates are also playing a role in the upward pressure on gold prices.
On the other hand, global financial institution Morgan Stanley has predicted that gold prices could reach new heights in the coming years, driven by these market dynamics.
A day earlier, the price of one tola of gold saw an increase of Rs7,900 in Pakistan, pushing the price to Rs431,562 per tola.
The price of 10 grams of gold also rose sharply, increasing by Rs6,773 to reach Rs369,995.
