Gold and Silver Prices Experience Downturn in Pakistan and Global Markets
On Thursday, the local market in Pakistan witnessed a notable decline in gold and silver prices, reflecting broader trends in the international arena. According to the All Pakistan Sarafa Gems and Jewellers Association, this downward movement was observed across various categories of precious metals, impacting both retail and wholesale sectors.
Detailed Price Adjustments in the Local Market
In the domestic market, the price of 24-karat gold per tola fell by Rs800, settling at Rs505,562. This decrease was mirrored in other measurements:
- The price of 10 grams of 24-karat gold declined by Rs686 to Rs433,437.
- Similarly, 10 grams of 22-karat gold dropped by Rs629 to Rs397,331.
Silver prices also recorded a decrease, with the rate of 24-karat silver per tola slipping by Rs30 to Rs9,903. Additionally, the price of 10 grams of silver fell by Rs25 to Rs8,490.
International Market Trends
The decline was not limited to Pakistan, as international markets also experienced a downturn. The association reported that gold prices in the global market declined by $8 to $4,832 per ounce. Meanwhile, silver prices dropped by $0.30 to $94.28 per ounce. These movements highlight the interconnected nature of precious metal markets worldwide.
Nestlé's Investment Announcement
In a related development, Nestlé has announced an additional investment of $60 million in Pakistan. This significant financial commitment underscores the company's confidence in the country's economic potential and could have implications for various sectors, including manufacturing and trade.
The simultaneous occurrence of declining precious metal prices and a major corporate investment presents a mixed economic picture for Pakistan, suggesting both challenges and opportunities in the current financial landscape.
