Gold price drop took center stage on Monday as both global and domestic markets recorded significant declines. In the international bullion market, gold lost $26 per ounce, settling at $3,331 after a three-day trading pause. The dip follows weakening investor demand and market corrections after last week’s surge.
Local Market Follows Global Trend
In Pakistan, local gold markets mirrored the global downturn. The price of 24-karat gold dropped by Rs2,600 per tola, now standing at Rs351,500. Gold per 10 grams also saw a notable decline of Rs2,228, bringing the price down to Rs301,354.
This sharp drop marks a reversal from Saturday, when gold prices had climbed. On that day, the per tola rate rose by Rs3,100, reaching a peak of Rs354,100 amid global gains.
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Silver Remains Stable
While gold prices fell, silver held steady. One tola of silver stayed unchanged at Rs3,508, and 10 grams maintained a price of Rs3,007. This contrast highlights silver’s current price stability, even as gold shows volatility.
Market Dynamics Shift
Traders attribute the gold price drop to fading short-term demand and profit-taking by investors. After a strong rally last week, the market correction reflects cautious sentiment as global economic indicators fluctuate.
Looking Ahead
Analysts are watching central bank policies, inflation trends, and geopolitical tensions for their potential impact on gold prices. Despite the current drop, the long-term outlook for gold remains mixed, hinging on inflation fears and currency strength.
Gold continues to be a closely watched asset, and its price swings serve as a key indicator of investor confidence and economic expectations. As the week progresses, market participants will closely monitor any changes that could shift the current momentum.
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