Gold prices in Pakistan continued their downward trend for the fourth consecutive session on Tuesday, with the price of 24-karat gold falling below Rs435,000 per tola. The latest decline comes amid weakness in international bullion markets and increased profit-taking by investors, providing temporary relief to buyers after gold reached record highs in recent weeks.
According to the latest market rates, the price of 24-karat gold declined by Rs2,500 per tola to settle at Rs434,936. Meanwhile, the price of 10 grams of 24-karat gold dropped by Rs2,143, bringing it down to Rs372,887. The price of 22-karat gold also decreased, with 10 grams now priced at Rs341,825.
Silver prices also recorded losses in the local market. The price of 24-karat silver fell by Rs120 per tola to Rs6,559, while the rate for 10 grams dropped by Rs103 to Rs5,623. The decline in both gold and silver prices reflects the overall weakness in precious metals across international markets.
The domestic market followed the global trend, where international gold prices declined by $25 to $4,125 per ounce. Silver also lost ground, falling by $1.20 to trade at $60.80 per ounce. Analysts said easing demand and profit-booking by investors contributed to the decline in bullion prices worldwide.
Market experts believe the recent correction is mainly the result of investors booking profits after gold surged to historically high levels in previous trading sessions. They added that speculative buying has slowed in recent days, reducing upward pressure on prices in both domestic and international markets.
Despite the latest decline, analysts noted that gold prices remain significantly higher than levels seen earlier this year. Continued geopolitical tensions, global economic uncertainty, and demand for safe-haven assets are expected to keep bullion prices relatively strong, although short-term fluctuations may continue as investors respond to changing market conditions.
Also read: Huge Drop in Gold Prices in Pakistan
