Gold prices in Pakistan continued their sharp decline on Tuesday, following trends in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs. 14,000, settling at Rs. 416,362.
The price of 10-gram gold also dropped significantly, losing Rs. 12,003 to close at Rs. 356,963. On Monday, the local gold market had already seen a decrease, with the per tola rate falling Rs. 3,300 to Rs. 430,362. Silver prices followed a similar pattern, dropping by Rs. 173 per tola to Rs. 4,924.
Internationally, gold prices reflected similar losses. The rate stood at $3,940 per ounce, including a $20 premium, marking a $140 decline compared to previous trading. Analysts attributed the fall to global market pressures, despite easing U.S.-China trade tensions.
Later in the day, international gold prices recovered slightly, rising above $4,000 per ounce. This rebound was supported by a weaker U.S. dollar and expectations of further Federal Reserve rate cuts. As of 0141 GMT, spot gold rose 0.7% to $4,009.39 per ounce, after falling more than 3% on Monday, its lowest level since October 10. U.S. gold futures for December delivery edged up 0.1% to $4,022.10 per ounce.
Experts noted that Pakistan’s local gold market remains strongly influenced by international trends and currency fluctuations. Traders and investors are closely monitoring global movements to anticipate further changes in local gold prices.
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The APGJSA emphasized that, despite short-term declines, gold remains a preferred investment option and a reliable hedge against economic uncertainty. Analysts expect volatility to continue in the short term but believe long-term demand for gold will remain strong in Pakistan.
