KARACHI: Gold prices in Pakistan saw a decrease on Monday, January 28, 2025, reflecting a similar downward trend in the international market, reported ARY News.
The All Sindh Sarafa Jewellers Association confirmed the decline, stating that the price of one tola of gold dropped by Rs 300, settling at Rs 289,100.
Similarly, the price of 10 grams of gold experienced a decrease of Rs 257, bringing it down to Rs 247,856.
Silver prices also followed suit, with a decrease of Rs 14 per tola, resulting in a new price of Rs 3,395. The price of 10 grams of silver fell by Rs 12, reaching Rs 2,910.
The decline in the domestic market mirrored the international trend, where gold prices also softened as the US dollar edged lower. Investors are now focusing on the Federal Reserve’s upcoming policy meeting, the first of the year, for insights into the future direction of interest rates.
Spot gold was recorded at $2,766.59 per ounce, down 0.1% as of 1210 GMT, after having dipped as much as 0.7% earlier in the session. US gold futures also saw a decrease, falling 0.3% to $2,771.40 per ounce.
Read More: Gold Rates See Decrease in Pakistan
Gold, a highly prized precious metal, continues to hold significant importance in the global economy, a position it has maintained for centuries.
Its value is derived from its rarity, durability, and universal appeal. Often considered a safe-haven asset, gold is used to safeguard wealth during periods of economic uncertainty.
Central banks and investors alike hold gold reserves as a means to diversify their portfolios and hedge against inflation and currency fluctuations.
The intrinsic allure and limited supply of gold make it a coveted material for jewelry and luxury goods. The demand for gold jewelry contributes significantly to economic activity in the mining, manufacturing, and retail sectors.