Gold prices in Pakistan experienced a significant decline on Monday, continuing the downward trend for the second consecutive session. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs2,500, reaching Rs353,000. Meanwhile, the price of 10 grams of gold decreased by Rs2,143 to Rs302,640.
This sharp fall in gold prices in Pakistan closely followed a global decrease. On the international bullion market, the price of gold per ounce fell by $25, settling at $3,310. The drop in global gold prices had a direct impact on local rates, causing the significant reduction in Pakistan’s gold market.
Market analysts attribute the decline in gold prices to a stronger US dollar. The US dollar’s rise makes gold more expensive for holders of other currencies, reducing demand. Investors are also closely watching upcoming trade negotiations in the United States. The uncertainty surrounding these talks has influenced investor confidence, leading to cautious trading in gold.
Alongside gold, silver prices in Pakistan also saw a decrease. The price of 24-karat silver per tola dropped by Rs30, reaching Rs3,841. The price for 10 grams of silver fell to Rs3,293. This decline reflects broader trends in precious metals, linked to global economic factors and currency fluctuations.
Spot gold prices slipped to a near one-week low on Monday, driven by a stronger US dollar and positive economic data from the United States. Experts suggest this may reduce the immediate need for rate cuts by the US Federal Reserve, which further affects gold prices worldwide.
In summary, gold prices in Pakistan have fallen sharply due to global market pressures and currency movements. Buyers and investors should keep a close watch on further developments, as gold remains sensitive to international economic shifts.
Gold price jumped to Rs356,800 per tola recently due to increased buying interest. For full details, check out the article Gold Price Jumps to Rs356,800 per Tola as Buying Increases.
