KARACHI – Gold prices opened the first week of June with a significant decline, reversing recent gains in both domestic and international markets. The drop came after a strong performance at the end of last week, highlighting continued volatility in the precious metals market.
According to the latest market data, the price of gold per tola in Pakistan fell by Rs4,400 on June 1, bringing the new rate down to Rs471,762. Similarly, the price of 10 grams of gold decreased by Rs3,773, settling at Rs404,459.
The decline follows a positive trading session on Saturday when gold prices had climbed by Rs1,300 per tola, reaching Rs476,162. However, the upward momentum proved short-lived as the market shifted direction at the start of the new week.
The downturn in local gold rates was largely influenced by developments in the international market. Global gold prices recorded a notable decrease of $44 per ounce, bringing the international rate down to $4,494 per ounce, including a premium of $20. The fall in international prices placed additional pressure on local markets, leading to a corresponding adjustment in Pakistan.
Despite the decline in gold prices, silver moved in the opposite direction. The precious metal registered a gain of Rs46 per tola, pushing its price up to Rs8,059. The increase provided a rare positive development for investors and traders amid the broader weakness seen in the precious metals sector.
Market analysts believe fluctuations in international prices, investor sentiment, and economic uncertainty continue to influence the movement of gold and silver. As global markets respond to changing economic conditions, precious metal prices are expected to remain volatile in the coming days.
With gold prices experiencing a sharp correction after recent gains, investors are closely monitoring both local and international trends to assess the market’s next direction. Meanwhile, silver’s upward movement has offered some support to traders looking for stability within the precious metals market.
