The price of 24-karat gold in Pakistan fell by Rs500 per tola, bringing the latest domestic rate to Rs459,936.
The latest decline follows a sharper Rs3,500 per tola drop earlier in the week. The continued movement reflects ongoing volatility in the local gold market.
According to the latest rates, 10 grams of 24-karat gold is priced at Rs394,320. International gold is trading at around $4,375 per ounce.
Gold prices also varied significantly across different local markets. Lahore, Karachi and Peshawar reported different selling rates.
In Lahore, the selling price for a gold piece was reported at Rs453,500. The buying rate stood at Rs452,500.
The Pathoor selling rate in Lahore was quoted at Rs448,500. Its buying price was reported at Rs446,500.
In Karachi, gold was selling at Rs453,200. Peshawar recorded the highest selling rate among the listed markets at Rs469,000.
Silver prices remained firm despite the decline in gold. The per-tola silver rate was reported at Rs6,949.
A one-kilogram silver bar in Lahore was quoted at Rs6,950 on the selling side. The rate for 999.0 Tezabi silver stood at Rs6,900.
A 10-tola silver piece was priced at Rs7,050. Silver has therefore remained relatively stable compared with the recent movement in gold prices.
Gold prices have shown a strong overall increase during August despite the recent correction. The precious metal gained Rs37,200 per tola between August 1 and August 12.
The increase represented a rise of around 8.7 percent during the first part of the month. After reaching a mid-month high, gold prices declined by Rs4,000 over the following three days.
Despite the correction, gold remained Rs33,200 per tola higher than its August 1 level. This shows that the precious metal continues to trade significantly above its early-August price.
International gold has also remained volatile, trading around $4,375 to $4,380 per ounce during mid-August. Global bullion movements continue to influence Pakistan’s domestic market.
US dollar trends and expectations about Federal Reserve interest rates are also affecting international gold prices. Investor profit-taking and geopolitical uncertainty have added to recent market fluctuations.
Local gold rates can also differ depending on the city, market and type of gold being traded. Buyers should therefore confirm the latest rate with their local bullion market before making a purchase.
Also read: Gold Price in Pakistan Today
