Gold Rates Dip in Pakistan: A Glance at Recent Price Declines

gold rates dip in pakistan a glance at recent price declines

gold rates dip in pakistan a glance at recent price declines

In recent news, the gold rates in the gold rates in Pakistan, bringing relief to buyers. The price for 24 karat gold per tola decreased by Rs 300, selling at Rs 213,900 on Saturday compared to its previous rate of Rs 214,200. Similarly, the price for 10 grams of 24 karat gold saw a reduction of Rs 257, now priced at Rs 183,385 instead of Rs 183,642. The prices for 10 grams of 22 karat gold also went down to Rs 168,103 from Rs 168,338, according to the All Sindh Sarafa Jewellers Association.

Silver prices, however, remained constant at Rs 2,600 per tola and Rs 2,229.08 for ten grams. This stability contrasts with the fluctuations in gold rates. The international market also witnessed a slight decline in gold prices, dropping by  to$2 to $2,038 from ,$2,040.

Read More: Gold Rises as Dollar Softens: Impact of Inflation Report on Fed’s Interest Rate Decision

A contributing factor to this shift in prices is the recent fall of the US dollar. Data indicated a modest rise in inflation for December, but it was on a downward trend, prompting the Federal Reserve to consider interest rate cuts by mid-year. The dollar index was down 0.3% at 103.25, and despite this dip, the dollar was on track to record gains for four consecutive weeks.

Read More: Shahbaz Qalandar Shrine Manager Suspended for Alleged Gold Theft

The Personal Consumption Expenditures (PCE) price index, a key metric tracked by the Federal Reserve, showed a 0.2% increase in December. The annual inflation rate remained under 3% for the third consecutive month, aligning with the Fed’s 2% inflation target. 

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