Why gold prices drop in Pakistan against JPMorgan prediction
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola has dropped by Rs2,500. After the latest decrease, the new price has reached Rs434,936 per tola.
The association also reported a decline in the price of 24-karat gold per 10 grams. It fell by Rs2,143, bringing the new rate to Rs372,887.
The international gold market also witnessed another decline during trading. The price of gold fell by $25 per ounce, taking the global rate down to $4,125 per ounce.
Silver prices also moved lower in the local market. The price of 24-karat silver per tola decreased by Rs120, reaching Rs6,559.
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Market experts say local gold prices usually follow trends in the international market. Any further movement in global bullion prices could affect gold and silver rates in Pakistan over the coming days.
People planning to buy jewellery or invest in precious metals are closely watching the market. Traders believe price changes will continue to depend on international economic developments and investor sentiment.
The continuous fall in gold prices may provide relief to buyers who were waiting for lower rates. However, future prices will largely depend on global market conditions and changes in international demand.
Gold prices in Pakistan are back in focus after JPMorgan predicted gold could climb to $4,500 per ounce, raising expectations of higher local rates.
Gold prices could hit $4,500 per ounce but several economic factors could slow the rally, according to a new forecast by JPMorgan.
JPMorgan has released its latest outlook for the precious metals market. The bank expects gold to reach as high as $4,300 per ounce in the third quarter and $4,500 per ounce in the fourth quarter of this year.
According to the report, demand for gold has not remained as strong as previously expected. Because of this, the rise in gold prices may be more limited than earlier forecasts suggested.
The bank also warned that strong US economic data could affect the gold market. If the US Federal Reserve continues to raise interest rates, gold could face pressure because it does not generate regular income like interest-bearing investments.
Despite these short-term risks, JPMorgan remains positive about gold over the long term. The bank believes stronger demand from central banks and higher global buying could push gold prices higher again by 2027.
JPMorgan also shared its outlook for other precious metals. It expects silver to trade between $60 and $65 per ounce, platinum to reach around $1,800 per ounce, and palladium to remain between $1,300 and $1,350 per ounce.
Market experts say precious metal prices will continue to depend on global economic conditions, inflation, and central bank policies. Investors are expected to closely watch future US economic data and interest rate decisions.
