Gold prices in Pakistan recorded a sharp decline on Thursday, following a similar movement in the international gold market. The latest drop has brought some relief to buyers after gold prices had increased significantly a day earlier.
According to the latest market rates, the price of 24-karat gold fell by Rs3,800 per tola to settle at Rs453,436 per tola. The decline came after gold had gained Rs7,900 on Wednesday, when the price closed at Rs457,236 per tola.
The price of 10-gram gold also decreased on Thursday. It dropped by Rs3,257 and settled at Rs388,749. The movement reflects the impact of changes in international gold prices on the local market.
Gold prices in Pakistan generally follow international market trends, while local rates are also influenced by currency movements and domestic market conditions. As a result, changes in global prices can quickly affect the rates announced in the local bullion market.
The international gold market also recorded a decline according to the latest figures. Gold settled at $4,309 per ounce, with the quoted rate including a $20 premium. The movement in international prices contributed to the fall in domestic gold rates.
The latest decline comes after a period of strong fluctuations in gold prices. On Wednesday, the precious metal had gained Rs7,900 per tola. The sharp rise was followed by Thursday’s Rs3,800 decline, showing continued volatility in the market.
Meanwhile, silver prices also moved lower on Thursday. The price of silver fell by Rs73 per tola and settled at Rs6,839 per tola.
The changes in gold and silver prices are closely followed by consumers, investors, jewelers and traders across Pakistan. Gold remains a popular choice for savings and investment, while jewelry demand can also be affected by changes in prices.
For consumers planning to purchase gold jewelry, daily price movements can make a noticeable difference in the final cost. A change of several thousand rupees per tola can significantly affect the price of larger jewelry purchases.
Market participants will continue to monitor international gold prices and other economic factors that could influence local rates in the coming days. Further movements in global bullion prices could lead to additional changes in Pakistan’s gold and silver rates.
For now, the latest market update shows that 24-karat gold stands at Rs453,436 per tola, while 10-gram gold is priced at Rs388,749. Silver, meanwhile, is available at Rs6,839 per tola.
Also read: Gold Prices Fall Sharply After Global Market Correction
