Gold prices in Pakistan fell again on Tuesday, following another decline in international gold rates.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold dropped by Rs. 1,000 per tola.
After the latest decline, 24-karat gold closed at Rs. 462,136 per tola in the local market.
The price of 10-gram gold also decreased on Tuesday. It fell by Rs. 857 to reach Rs. 396,207.
The latest decline came after gold prices also recorded a significant drop on Monday. The price of 24-karat gold had fallen by Rs. 2,400 per tola during the previous session.
Following Monday’s decline, gold closed at Rs. 463,136 per tola. Tuesday’s additional drop has pushed the price below the Rs. 463,000 level.
The local market followed a similar trend in international gold prices. Gold prices declined in the global market on Tuesday amid movements in international bullion rates.
International gold lost $10 per ounce during the latest session. It settled at $4,396 per ounce, including a $20 premium.
The continued decline in international prices has also affected domestic gold rates. Local gold prices are influenced by global bullion prices, currency movements and other market factors.
The latest reduction may provide some relief to buyers who have been facing high gold prices. However, gold remains expensive compared with its historical levels in Pakistan.
Gold prices can change frequently in the local market. Dealers and investors closely monitor international rates before making buying or selling decisions.
Meanwhile, silver prices moved in the opposite direction on Tuesday. The price of silver increased by Rs. 10 per tola.
After the latest increase, silver reached Rs. 7,069 per tola in Pakistan.
The mixed movement in gold and silver prices reflects changing conditions in both local and international precious metals markets.
Investors and jewellery buyers are likely to continue monitoring global gold prices in the coming sessions. Further changes in international bullion rates could affect prices in Pakistan.
For now, gold has recorded another daily decline after losing Rs. 2,400 on Monday and Rs. 1,000 on Tuesday. This has brought the price of 24-karat gold to Rs. 462,136 per tola.
Also read: Gold Prices Fall Sharply After Global Market Correction
