gold rates drop in pakistan for second consecutive day
In a notable turn of events Gold prices in Pakistan experienced a decline for the Second Consecutive day, Bringing Relief to Consumers. The Per tola Price of 24 karat Gold witnessed a Significant Drop of Rs.3,000, reaching Rs.215,600 on Saturday, compared to its Previous Sale at Rs.218,600 on the last trading day.
Similarly the Price of 10 grams of 24 karat gold saw a decrease of Rs.2,572, now priced at Rs.184,842 from Rs.187,414. The 10 grams of 22 karat gold also observed a dip, settling at Rs.169,439 from its previous rate of Rs.171,786, according to the All Sindh Sarafa Jewellers Association.
Interestingly the international Market mirrored this Trend, with the Price of Gold Dropping by $26 to $2,024 from $2,050 as Reported by the Association. This Decline Could offer a Respite to Buyers and investors in the Precious Metal
However, while gold prices show a downward trend, other economic indicators suggest a nuanced situation in Pakistan. The Country’s Weekly inflation as measured by the Sensitive Price Indicator (SPI) increased by 1.16% during the Week ending on November 23 according to the Pakistan Bureau of Statistics (PBS). This Rise in inflation attributed in Part to a Significant hike in Gas Prices, Raises Concerns amid the Ongoing Economic Landscape.
In a separate development Bloomberg reported that the executive board of the International Monetary Fund (IMF) is set to convene on January 11 to consider final approval for disbursing the next $700 million tranche from its current loan program with Pakistan. The Decision comes against the Backdrop of Economic Challenges and inflationary Pressures Faced by the South Asian Nation.
As Consumers react to the fluctuating Gold rates, the Economic Situation in Pakistan Remains Dynamic with both challenges and Potential Solutions on the Horizon.