Gold prices in Pakistan declined significantly on Tuesday after a minor increase the previous day, following changes in international markets. Analysts link the drop to fluctuations in global rates and strengthening currencies worldwide.
According to the All Pakistan Sarafa Gems and Jewellers Association, 24-karat gold fell by Rs3,500 per tola, bringing its price to Rs420,362. In the local market, 10 grams of 24-karat gold were sold for Rs360,392, down by Rs3,001. Similarly, 10 grams of 22-karat gold decreased by Rs2,859, closing at Rs330,263.
Internationally, gold prices dropped by $35 per ounce, reaching $3,980. The decline reflects cautious investor sentiment and global currency strength, which has impacted precious metal demand.
Silver prices also saw a downward trend. The rate of 24-karat silver per tola fell by Rs130 to Rs5,022, while 10 grams of silver were sold for Rs4,305. Both metals followed a similar path due to global market movements and domestic currency fluctuations.
Experts note that gold prices in Pakistan are heavily influenced by the interbank exchange rate and worldwide demand trends. Investors are advised to closely monitor currency movements and international gold trends to make informed decisions.
This decline marks another episode of volatility for Pakistan’s gold market, highlighting the sensitivity of gold prices to both local and global economic conditions. Traders and investors remain cautious as they anticipate further changes in the coming days.
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Overall, the recent drop in gold prices emphasizes the need for awareness of global financial developments and their direct impact on local precious metal markets.
