KARACHI: Gold prices edged lower on Monday, reflecting a dip in global rates, according to traders. Gold lost value by Rs600 and Rs514, reaching Rs272, 600 per tola and Rs233, 711 per 10 grams respectively, All Sindh Saraf Jewellers Association said.
The international bullion market also saw a drop by $6, closing gold trading at $2, 614 per ounce with silver hovering over $29 per ounce.
Domestic silver prices held steady at Rs3, 350 per tola and Rs2872.08 per 10 grams, the association added.
The open market may offer different rates for gold and silver comparing to those announced by the association.
Over the past year, gold prices experienced significant fluctuations, with the lowest rate recorded at Rs210,800 per tola on February 14 and the highest at Rs287,900 per tola on October 10.
During the same period, primarily it was the world market that went through volatility, reaching a peak of $2,784 per ounce from lowest of $2,010 per ounce. It affected the local markets worldwide, drastically.
By the end of 2023, gold prices stood at Rs220, 000 per tola and Rs188, 615 per 10 grams with global bullion rates at $2, 082 per ounce.
Silver was available for Rs2, 680 per tola and 2, 298 per 10 grams while international market selling at $24 per ounce on December 31, 2023.
Throughout 2024, gold prices increased by Rs52,600 per tola and Rs45,096 per 10 grams, comparing to 2023.
Similarly, silver prices saw a rise of Rs670 per tola and Rs574.08 per 10 grams during the same period, according to the association.
Copyright Business Recorder, 2024
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