Gold prices declined across Pakistan on Tuesday, providing relief to buyers after recent market volatility. The latest rates issued by the Pakistan Gems and Jewellers Association showed a significant drop in both per tola and 10-gram gold prices, following a decline in international bullion markets.
According to the latest figures, the price of 24-karat gold fell by Rs3,800 per tola, bringing the new rate to Rs429,736. Meanwhile, the price of 10 grams of 24-karat gold dropped by Rs3,258 to Rs368,429.
The decline in local gold prices follows weakness in the global bullion market. Internationally, gold prices fell by around $38 per ounce, with the precious metal trading near $4,073 per ounce. Global prices remain sensitive to expectations surrounding U.S. inflation data, interest rate policy and ongoing geopolitical tensions in the Middle East.
Despite the latest decline, analysts say gold continues to attract investors seeking a safe-haven asset during periods of economic and political uncertainty. However, expectations of tighter monetary policy and higher interest rates continue to influence international gold prices.
Gold prices in Pakistan are influenced by international bullion rates, fluctuations in the exchange rate of the Pakistani rupee against the U.S. dollar, and local market demand. As a result, prices may change several times depending on movements in global and domestic markets.
Jewellers have advised customers and investors to monitor daily price updates before making purchase decisions, as volatility in international markets could continue to affect local rates in the coming days.
Also read: Big Increase in Gold Prices in Pakistan
