KARACHI: Gold prices in Pakistan continued their downward trajectory on Thursday, January 31, 2025, consistent with a broader downward trend observed in the international gold market, ARY News reports.
The All Sindh Sarafa Jewellers Association confirmed the price drop, stating that the price of one tola of gold decreased by Rs 450, settling at Rs 288,600.
Similarly, the price of 10 grams of gold fell by Rs 386, reaching Rs 247,467.
Silver prices also followed suit, with the price of one tola of silver decreasing by Rs 25 to Rs 3,355. The price of 10 grams of silver fell by Rs 22, reaching Rs 2,878.
This downturn in the domestic market mirrors the global trend, where gold prices have softened in response to a slight strengthening of the US dollar. Market analysts suggest that investors are awaiting further economic data and policy announcements from major central banks, including the Federal Reserve, for clearer signals on the future direction of interest rates.
Spot gold was quoted at $2,760.50 per ounce, down 0.3% as of 11:00 AM GMT, after having retreated as much as 0.8% earlier in the trading session. US gold futures also registered a decrease, falling 0.4% to $2,764.80 per ounce.
Gold’s Enduring Allure
Gold, a precious metal revered for centuries, continues to occupy a prominent position in the global economy. Its value stems from its scarcity, inherent beauty, and its role as a symbol of wealth and prosperity.
Often regarded as a safe-haven asset, gold is sought after during times of economic uncertainty and geopolitical risk. Central banks and investors hold gold reserves to diversify their portfolios and mitigate risks associated with inflation and currency fluctuations.
The demand for gold jewelry remains robust in many parts of the world, particularly in Asia, where gold plays a significant cultural and social role. This demand contributes significantly to economic activity in the mining, manufacturing, and retail sectors.Sources and related content image JPG
