Gold prices in Pakistan started the week on a weaker note, extending recent losses in line with a decline in the international bullion market. The price of 24-karat gold per tola fell by Rs2,300 to Rs428,936, while the price of 24-karat gold per 10 grams declined by Rs1,972 to Rs367,743. The latest decrease reflects continued pressure in global precious metals markets as investors reassess economic and geopolitical developments.
The decline in local gold prices follows a drop in international bullion rates. Spot gold fell 0.7 percent to $4,061.35 per ounce, while US gold futures for August delivery slipped 0.5 percent to $4,076.40 per ounce. Analysts said easing market concerns and changing investor sentiment have contributed to the recent weakness in gold prices worldwide.
Gold is also on track to record its fourth consecutive monthly decline, with prices falling 10.4 percent during the month. The sustained downward trend has reduced gains made earlier in the year, although analysts note that gold continues to remain an important safe-haven asset during periods of economic uncertainty and geopolitical tensions.
Other precious metals showed mixed performance during the trading session. Silver declined 1.1 percent to $58.51 per ounce, while platinum gained 1.0 percent to $1,630.13 per ounce. Palladium also moved higher, rising 0.8 percent to $1,218.92 per ounce as demand for industrial precious metals remained relatively stable.
Market experts believe gold prices could recover later this year if global economic conditions become more supportive. They said the precious metal could revisit the $5,000-per-ounce level if geopolitical tensions ease, oil prices return to pre-conflict levels, inflation continues to cool, and the US dollar weakens. These factors are expected to influence investor demand for gold over the coming months.
Analysts expect gold prices to remain volatile in both international and Pakistani markets as investors continue to monitor inflation trends, central bank policies, geopolitical developments, and currency movements. Local buyers and investors are also advised to keep a close watch on global market conditions, as changes in international prices and exchange rates are likely to continue influencing domestic gold rates.
Also read: Gold Prices Drop Sharply Following Global Decline
