Gold prices in Pakistan witnessed another major decline on September 11, with the per-tola rate falling by Rs5,600 as local bullion prices followed a sharp drop in the international market.
The price of 24-karat gold decreased to Rs456,736 per tola, down significantly from the previous session. The latest decline comes after gold prices had already fallen by Rs600 on Thursday, when the per-tola rate stood at Rs462,336.
The price of 10 grams of gold also recorded a substantial decline. It fell by Rs4,801 to reach Rs391,577. The continued downward movement has brought domestic gold prices significantly lower compared with the rates recorded earlier in the week.
The decline in Pakistan was linked to weakness in international bullion markets. The global price of gold dropped by $56 during the day, reaching $4,342 per ounce. Movements in international gold prices often have a direct impact on local bullion rates, along with currency exchange rates and domestic market conditions.
The latest fall is expected to attract the attention of investors and people planning to buy or sell gold. After reaching elevated levels in recent months, the precious metal has now experienced several consecutive declines in the local market.
Silver prices also moved lower on Friday. The price of silver decreased by Rs253 per tola, bringing the latest domestic rate to Rs6,871 per tola.
Gold rates reported in the Lahore market also showed different prices for various forms of gold. A piece was priced at Rs454,000 to Rs453,500, while Pathoor was available at around Rs449,000 to Rs447,000.
The latest figures reflect the continued pressure on precious metals in both domestic and international markets. The $56 decline in international gold prices was particularly significant and contributed to the sharp reduction in Pakistan’s per-tola rate.
Market participants will now be watching international bullion prices closely to see whether the downward trend continues. Any further movement in global gold prices could affect rates in Pakistan in the coming sessions.
For local buyers, the latest decline could provide some relief after the high gold prices seen in recent months. However, prices can change quickly depending on international market movements, exchange rates and local demand.
With the latest reduction, gold has now fallen by a total of Rs5,600 per tola in a single session. The market will remain focused on global developments as traders assess whether the recent decline represents a temporary correction or the beginning of a longer downward trend.
Also read: Gold Prices Fall Sharply After Global Market Correction
