KARACHI: Gold recorded a dip of Rs300 in local markets after topping at a record high of Rs 350,000 per tola (11.66g), as stated by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The 10-gram gold price preceded by Rs 257 to Rs 299,811.
A drop succeeded the historic high of Thursday, entering into golden pages of history of the gold market in the country. It is also the impact of a prevailing downward trend in the global market after the gold rate went down by $3 an ounce to $1,326 (against $13.30), marking a slight pull-back from extended bullish momentum.
While experiencing a minor cooling stage, silver is also climbing, with Rs16 per tola recorded at Rs 3,417, proving the presence of keen investors in the precious metal as an alternative investment of choice.
Analysts in a way believed that the correction in gold prices was beholden to transitional aspects related to global demand, profit booking by investors, and the currency market slightly tempering due to circumstances. At large, the very strong favor for gold continues to outlast because of the prevailing heat due to inflationary pressures and economic uncertainties.
Given the stance, investors and customers see it as an opportunity to perhaps review entries, particularly considering the global and regional economic flavor. The Pakistani gold market responds pressingly to how the international market is moving and to domestic economic factors.
[Source Credit: Business Recorder]
