Gold values decreased more significantly.
Karachi, Pakistan: Gold prices in Karachi experienced a decline on Saturday as the global market further lost momentum, forcing the precious metal to drop below $3,300 per ounce, as per traders.
The local market followed suite, with gold prices falling by Rs1,400 per tola and Rs1,200 per 10 grams. This dip was influenced by a decline in world bullion rates by $14, resulting in a selling price of $3,288 per ounce.
The All Pakistan Sarafa Gems and Jewelers Association reported that the plunge in gold prices had pushed the cost per tola to Rs347,200 and per 10 grams to Rs297,668.
Simultaneously, domestic silver prices also saw a reduction by Rs24 to Rs3,456 per tola and Rs2,962 per 10 grams. Internationally, silver was traded at $33 per ounce, the association reported.
The moves in the local and international gold and silver markets on Saturday could be linked to shifting investor sentiment, driven by factors such as currency fluctuations and anticipated changes in interest rates, though specific factors for this particular Saturday were not readily available.
Copyright Business Recorder, 2025.
- The local trader anticipates a potential rise in gold prices, citing the global market's recent momentum regaining, with hopes that the price will surpass $3,300 per ounce again.
- In the broader finance industry, analysts are discussing the impact of a surging silver market on the energy sector, given the metal's significant role in solar panel manufacturing.
- A silver trader in Karachi has expressed concerns about the slip in his industry's momentum, as the cost of manufacturing solar panels may escalate with rising silver prices, potentially affecting the viability of green energy projects.
