Gold prices in Pakistan witnessed a major decline on Saturday as international bullion markets continued to face pressure from falling global demand and stronger dollar movement. The sudden decrease brought relief for jewelry buyers after several weeks of record-high rates in local markets.
According to the latest market data, the price of 24-karat gold dropped to nearly Rs. 470,000 per tola in Pakistan. Meanwhile, the price for 10 grams of 24K gold settled around Rs. 402,900 after recent fluctuations in the international market.
Market analysts said global gold prices weakened due to rising US Treasury yields and expectations of continued high interest rates in the United States. International gold prices were recorded near $4,545 per ounce during the latest trading session.
The latest decline also affected local jewelry markets in major cities including Karachi, Lahore, Islamabad, and Rawalpindi. Traders reported improved customer activity after prices moved down from recent historic highs recorded earlier this month.
Alongside gold, silver prices also showed a downward trend in Pakistan. Silver rates dropped to around Rs. 8,232 per tola as precious metal markets remained volatile globally due to inflation concerns and changing investor sentiment.
Experts believe gold prices may continue to fluctuate in coming days depending on international economic developments, Middle East tensions, and the dollar-to-rupee exchange rate. Investors have been advised to monitor market conditions carefully before making large buying or selling decisions.
Also read: Gold Prices Remain Volatile Amid Global Uncertainty
