KARACHI: Gold prices in the local market dropped by Rs200 per tola on Saturday.
According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs241,300 per tola.
Similarly, the 10-gram gold price also decreased by Rs171 to Rs206,876.
Gold rates, however, increased by $9 to $2,332 per ounce in the international market.
Silver rates remained unchanged at Rs2,750 per tola. The price of 10-gram silver also stood the same at Rs2,357.68.
Prices in the local market are adjusted by a premium of $20 against rates in the international market.
Local jewellers claimed that gold rates in the local market were kept lower by Rs3,000 per tola compared with the international market because of the weak purchasing power in the country.
Factors Affecting Gold Prices
Gold prices are influenced by a variety of factors, including global economic conditions, geopolitical tensions, inflation rates, and currency fluctuations. Investors often turn to gold as a safe haven during times of uncertainty, which can drive up prices.
Impact of Local Market Dynamics
The discrepancy between local and international gold prices highlights the impact of local market dynamics on pricing. The weaker purchasing power in the country may contribute to lower gold prices locally compared to the international market.
