New 24-Karat gold price reaches Rs353,000 after decline in local markets across country
Karachi: The gold prices witnessed a major decline as the rate of 24-karat gold per tola dropped by Rs2,500, and settled at Rs353,000 per tola in local markets of Pakistan on Monday.
Similarly, the price of 10 grams of 24-karat gold decreased by Rs2,143 and reached Rs302,640.
The decline was at both the domestic and international level which offered some relief to buyers after a prolonged upward trend.
In the international bullion market, the price of gold fell by $25 per ounce, and brought the new global rate down to $3,310 per ounce.
Gold prices remained volatile in recent weeks, influenced by shifting trends in the international market, Currency fluctuations and investor sentiment. The jewelers and traders anticipated further movement in prices depending on global economic indicators and the strength of the US Dollar.
The analysts suggested that the current drop may create a window of opportunity for the local buyers, particularly ahead of the wedding season.
