Gold prices in Pakistan fell again on Monday, following another decline in international gold rates.
According to the All Pakistan Gems and Jewellers Sarafa Association, 24-karat gold closed at Rs463,136 per tola. The price dropped by Rs2,400 during the day.
The price of 10-gram gold also declined. It fell by Rs2,058 to reach Rs397,064.
The latest decrease follows a sharp drop recorded during the previous trading session. Gold had lost Rs3,600 per tola on Saturday.
Following that decline, the price of 24-karat gold had settled at Rs465,536 per tola. Monday’s movement pushed the local price even lower.
Gold prices in Pakistan generally follow trends in the international market. Changes in global gold prices can affect local rates along with currency movements and domestic market conditions.
In the international market, gold prices also recorded a decline on Monday. Gold lost $24 per ounce during the session.
The international price settled at $4,406 per ounce, including a $20 premium. The decline in global rates contributed to the weaker trend in Pakistan’s local bullion market.
The latest movement comes after gold had remained at historically high levels. The precious metal has attracted strong attention from investors and buyers amid changing global economic conditions.
Local gold prices can change quickly when international rates move. Traders and jewellers closely monitor global prices when determining daily rates in Pakistan.
The decline could affect consumers planning to purchase gold for weddings, jewellery and investment purposes. However, daily rates can change again depending on developments in global markets.
Meanwhile, silver prices also moved lower on Monday. The price of silver declined by Rs39 per tola.
Silver settled at Rs7,059 per tola after the latest decrease. The movement reflected a broader decline in precious metal prices during the session.
The continued decline in gold prices has brought some relief to buyers after recent increases. However, prices remain significantly high compared with historical levels.
Market participants are expected to continue monitoring international bullion prices. Currency movements and global economic developments could also influence the next revision in Pakistan.
For now, 24-karat gold stands at Rs463,136 per tola in the local market. The latest figures show another notable decline after the Rs3,600 drop recorded on Saturday.
Investors and consumers will be watching the market closely for further changes. Any major movement in international gold prices could be reflected in Pakistan’s bullion rates.
Also read: Gold Prices Fall Sharply After Global Market Correction
