Gold Prices in Pakistan Fall for Fifth Straight Day

Gold prices in Pakistan fell for five consecutive days ending Thursday, September 24, tracking a downward trend in international bullion markets. The All Pakistan Gems and Jewellers Sarafa Association reported that 24-karat gold closed at Rs. 448,336 per tola on Thursday, marking a sharp single-day loss of Rs. 5,600. This followed a steady decline earlier in the week, with prices closing at Rs. 455,736 per tola on Tuesday and Rs. 453,936 per tola on Wednesday.

Silver prices mirrored this decline, dropping from Rs. 7,038 per tola on Tuesday to Rs. 6,837 per tola by Thursday. Internationally, spot gold prices fell from $4,332 per ounce on Tuesday to $4,258 per ounce on Thursday.

Market analysts attribute the slump to a stronger US dollar and the Federal Reserve System's decision to raise benchmark interest rates to a range of 3.75% to 4%. These higher rates increase the appeal of interest-bearing assets over gold, which typically serves as an inflation hedge. The downward pressure intensified on Thursday, with international gold prices dropping by $56 in a single session.