Gold prices in Pakistan fell below the Rs450,000 mark on September 15 after the local bullion market recorded another major decline. The price of gold dropped by Rs4,000 per tola, settling at Rs449,336 amid a fall in international gold prices.
According to the latest market rates, gold was trading at Rs449,336 per tola, compared with Rs453,336 recorded on Monday. The price of 10 grams of gold also declined by Rs3,429 and settled at Rs385,233.
The latest reduction came after gold prices had already fallen by Rs3,800 per tola on Monday. The consecutive declines indicate continued weakness in the local bullion market and have pushed the per-tola rate below the psychologically important Rs450,000 level.
The decline in Pakistan’s gold prices was linked to a drop in international bullion rates. Gold prices in the international market fell by $40 per ounce to $4,268. Since local gold prices are influenced by global bullion trends, the decline in international rates also affected prices in Pakistan.
Gold remains a closely watched investment and savings option in the country. Many people purchase the precious metal as a way to protect their savings against inflation and currency-related uncertainty. As a result, changes in gold prices often attract the attention of investors, traders and ordinary buyers.
The recent fall may provide some relief to consumers planning to purchase gold for weddings, jewellery or other personal needs. However, market conditions can change quickly, particularly when international gold prices, exchange rates and investor sentiment fluctuate.
Meanwhile, silver prices remained unchanged in the local market. Silver continued to trade at Rs6,802 per tola during the latest trading session.
Gold rates in Lahore also showed different prices for various categories. The reported rates included Rs446,000 and Rs445,500 for piece gold, while pathoor gold was listed at Rs440,500 and Rs438,500. The Karachi sell rate was reported at Rs445,500.
The local market broadly reflected the weakness seen in international bullion prices. With gold continuing to face pressure in global markets, further changes in domestic rates will likely depend on international price movements and currency conditions.
Also read: Gold Price Falls in Pakistan on Aug 27
