Gold prices in Pakistan declined on Saturday after a fall in international gold rates, with the precious metal losing Rs2,100 per tola.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold settled at Rs450,936 per tola after the latest decline.
The price movement came a day after gold recorded a sharp increase in the local market, highlighting continued volatility in precious metal prices.
Gold Falls Rs2,100 Per Tola
The price of 24-karat gold dropped by Rs2,100 per tola to close at Rs450,936.
The price of 10-gram gold also decreased, falling by Rs1,800 to Rs386,604.
The latest decline reversed part of the previous day’s strong gains and brought the local gold market lower in line with the movement in international prices.
Gold prices in Pakistan are closely linked to global bullion rates, while changes in the exchange rate and domestic market conditions can also influence local prices.
Gold Had Jumped Rs4,700 on Friday
The latest fall follows a significant increase recorded on Friday.
Gold had risen by Rs4,700 per tola during the previous trading session, reaching Rs453,036 per tola.
The sharp rise was followed by Saturday’s decline of Rs2,100, leaving gold below Friday’s closing level.
The back-to-back movements demonstrate the rapid changes currently being seen in the bullion market.
For buyers and investors, daily fluctuations can make the timing of gold purchases particularly important, especially when international prices are moving sharply.
International Gold Price Also Declines
The decline in Pakistan’s gold market came after gold prices also fell in the international market.
According to the latest rates, international gold declined by $21 per ounce to reach $4,263 per ounce.
The movement in international bullion prices is an important factor behind changes in Pakistan’s local gold rates.
When global gold prices rise or fall significantly, domestic jewellers and bullion markets generally adjust their prices accordingly.
Silver Price Also Falls
Silver prices also recorded a decline during Saturday’s trading.
The price of silver fell by Rs60 per tola, settling at Rs6,903 per tola.
The decline in both gold and silver came alongside the broader movement in international precious metals.
While gold remains the more closely watched precious metal for Pakistani consumers, silver is also widely traded in the domestic market and is commonly purchased for jewellery and investment purposes.
Gold Market Remains Volatile
The latest price movement comes after a period of significant changes in the domestic bullion market.
Gold’s Rs4,700 increase on Friday was followed by Saturday’s Rs2,100 decline, showing how quickly prices can move from one session to another.
International market movements remain a major factor for local prices, while currency fluctuations and changes in global investor demand can also affect bullion valuations.
Consumers considering gold purchases may therefore see further changes in local rates as international markets continue to fluctuate.
For now, the latest APGJSA rate puts gold at Rs450,936 per tola, while 10-gram gold stands at Rs386,604.
Silver is trading at Rs6,903 per tola after its Rs60 decline.
