Gold prices in Pakistan witnessed a major decline on Tuesday as the local bullion market reacted to changing international trends and investor sentiment. The price of 24-karat gold dropped significantly across the country, creating fresh interest among buyers and traders monitoring the market closely.
According to the latest figures shared by the All Pakistan Sarafa Gems and Jewelers Association, the price of 24K gold per tola decreased by Rs5,300. After the decline, gold settled at around Rs488,362 per tola in local markets including Karachi, Lahore, Islamabad, and Rawalpindi.
Similarly, the price of 10 grams of 24-karat gold also recorded a sharp reduction. The new rate for 10 grams reached approximately Rs418,691 after a fall of Rs4,544 compared to previous trading sessions. Market analysts linked the decline with fluctuations in the international gold market.
Experts say uncertainty in global financial markets and changing expectations regarding US interest rates continue affecting gold prices worldwide. International gold prices slipped as investors monitored Middle East tensions and upcoming inflation-related economic data from the United States.
Traders in Pakistan believe the recent fall could encourage more buyers to return to the jewelry market ahead of the wedding and Eid shopping season. However, experts also warned that prices may continue fluctuating due to global economic uncertainty and changing currency trends in international markets.
Meanwhile, 22-karat gold prices also declined in local markets. The rate for 22K gold remained around Rs444,000 per tola, while one gram of 24K gold traded near Rs42,000. Investors are advised to follow daily updates as gold prices remain highly sensitive to global developments.
Also read: Gold Prices Remain Volatile Amid Global Uncertainty
