Gold prices in Pakistan continued their downward trend on Saturday, following another decline in international bullion markets. The latest reduction comes after global gold rates weakened during the final trading session of the week, leading to lower prices in the local market.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold prices fell by Rs. 1,000, bringing the new rate to Rs. 431,236. The decline follows a series of recent fluctuations that have affected the precious metals market in Pakistan.
The price of 10 grams of gold also recorded a decrease. It dropped by Rs. 730 to settle at Rs. 369,715, reflecting the overall downward movement in domestic bullion rates.
Earlier this week, the local market witnessed a much sharper decline when gold prices dropped by Rs. 10,400 per tola in a single day. Following Saturday’s reduction, the market has continued to reflect the impact of changing international trends.
In the global market, gold prices also moved lower. The price of the precious metal fell by $10 per ounce, settling at $4,088. International price movements often influence local bullion rates, as Pakistan’s gold market closely follows global developments.
Silver also experienced a decline on the same day. The price of one tola of silver fell by Rs. 271, bringing it down to Rs. 6,393.
Market experts say fluctuations in international demand, investor sentiment, and global economic conditions continue to influence gold prices worldwide. Changes in the value of the US dollar, inflation expectations, and central bank policies also play an important role in determining the direction of precious metal prices.
Jewellers and traders expect the market to remain volatile in the coming days as investors closely monitor international developments. Buyers planning to purchase gold for investment or weddings are also keeping a close watch on gold prices, hoping for further reductions if global rates continue to soften.
Also Read: Gold Prices Drop Sharply Following Global Decline
