KARACHI: Gold prices in Pakistan continued their downward slide on Wednesday, January 30, 2025, reflecting a similar trend in the international gold market, ARY News reports.
The All Sindh Sarafa Jewellers Association confirmed the price decrease, stating that the price of one tola of gold fell by Rs 350, settling at Rs 289,050.
Likewise, the price of 10 grams of gold declined by Rs 300, reaching Rs 247,853.
Silver prices also experienced a dip, with one tola of silver decreasing by Rs 15 to Rs 3,380. The price of 10 grams of silver fell by Rs 13, settling at Rs 2,900.
This downturn in the domestic market mirrors the global trend, where gold prices have softened due 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 $2,765.00 per ounce, down 0.2% as of 10:30 AM GMT, after having retreated as much as 0.7% earlier in the trading session. US gold futures also registered a decrease, falling 0.3% to $2,769.50 per ounce.
Gold’s Enduring Appeal
Gold, a precious metal cherished for millennia, continues to be a cornerstone of the global economy. Its value stems from its scarcity, inherent beauty, and its role as a symbol of wealth and prosperity.
Often viewed as a safe-haven asset, gold is sought after during times of economic uncertainty and market volatility. Central banks and investors hold gold reserves as a means to diversify their portfolios and hedge against inflation and currency fluctuations.
The intrinsic beauty and limited supply of gold make it a highly sought-after material for jewelry and luxury goods. The demand for gold jewelry plays a crucial role in supporting economic activity in the mining, manufacturing, and retail sectors.
Disclaimer:
This news article is based on the information provided and should not be taken as financial advice. It is essential to consult with a financial professional before making any investment decisions.Sources and related content
