Gold prices in Pakistan recorded a sharp decline on Monday as international gold rates also dropped, putting pressure on domestic prices.
According to the latest rates, the price of gold fell by Rs12,800 per tola to settle at Rs438,136. The significant decline came after gold prices had already fallen during the previous trading session.
The price of 10-gram gold also decreased by Rs10,973, bringing the latest rate to Rs375,631. The move reflects the continued weakness in gold prices in both the domestic and international markets.
Gold had also witnessed a decline on Saturday. The price fell by Rs2,100 per tola during that session and reached Rs450,936. Monday’s latest drop has therefore pushed the rate further below the Rs450,000 level.
The decline in Pakistan follows a fall in international gold prices. Gold in the international market dropped by $128 per ounce to reach $4,156 per ounce.
International gold prices remain an important factor in determining local gold rates in Pakistan. Changes in global prices, along with currency movements and local market conditions, can affect the price of gold in the country.
Silver prices also recorded a decline on Monday. The price of silver fell by Rs325 per tola to close at Rs6,578.
The latest movement comes after a period of significant changes in precious metal prices. Gold has remained closely watched by investors, jewelers and consumers as prices continue to respond to developments in international markets.
The sharp decline may also affect people planning to purchase gold for jewellery or investment purposes. Buyers and sellers are likely to keep a close watch on international rates and the next update in domestic bullion prices.
With both gold and silver recording losses, the precious metals market in Pakistan remained under pressure on Monday. Further changes will depend on movements in international prices and other factors affecting the local market.
Also read: Gold Price in Pakistan Falls for Fourth Day
