Gold prices in Pakistan continued their downward trend on July 29 as weaker international bullion prices pushed local rates lower. The latest decline follows a sharp drop recorded a day earlier, reflecting ongoing pressure in the global precious metals market.
According to the Saraffa market, the price of 24-karat gold fell by Rs1,000 per tola, bringing the new rate to Rs426,436. The price of 10 grams of 24-karat gold also declined by Rs857, settling at Rs365,600.
In the international market, gold prices slipped by $10 per ounce to $4,040 per ounce, including a premium of $20. The continued weakness in global bullion prices has contributed to lower gold rates in Pakistan over the past two trading sessions.
While gold prices declined, silver moved in the opposite direction. The domestic price of silver increased by Rs68 per tola, reaching Rs6,291, reflecting mixed trends in the precious metals market.
In Lahore, 24-karat gold was quoted at Rs429,000 for buying and Rs430,000 for selling per piece. The selling price of 24-karat Pathoor gold stood at Rs425,000, while 22-karat and 21-karat gold were priced at Rs394,166 and Rs376,250, respectively.
Despite the recent decline, gold has witnessed significant price swings throughout July. The precious metal climbed to an intra-month high of nearly Rs442,900 per tola during the first week before falling to around Rs424,200 by July 20 as global market conditions shifted.
In the final days of the month, gold recovered some of its losses before stabilising within the Rs430,000 to Rs433,000 per tola range. Overall, the metal traded within a range of more than Rs18,700 during July, highlighting continued volatility in the bullion market.
Market analysts say gold prices remain sensitive to movements in international markets, currency fluctuations, and investor sentiment. Despite recent corrections, bullion continues to attract interest from investors seeking a hedge against economic uncertainty.
Also read: Gold Price Falls in Pakistan – Check Latest Rates
