Gold prices declined in Pakistan following a drop in international bullion markets, according to the latest update from local traders and market associations. The All Pakistan Sarafa Gems and Jewelers Association reported that the price of gold per tola decreased by Rs2,200, bringing the new rate down to Rs473,162 in local markets.
Similarly, the price of 10 grams of gold also recorded a decline. After falling by Rs1,886, the new rate for 10 grams settled at Rs405,660. Gold prices had remained stable on Friday at Rs475,362 per tola after witnessing a significant increase of Rs5,000 on Thursday. However, the latest decline reversed part of the earlier gains in the domestic bullion market.
Market experts linked the reduction in local gold prices to changes in the international market, where global bullion rates also moved downward.
According to international market reports, gold prices fell by $22 per ounce, taking the global rate down to $4,508 per ounce. Traders said fluctuations in global economic conditions, investor sentiment, and currency movements continue to influence gold prices both internationally and in Pakistan.
Meanwhile, Silver prices remained unchanged in the local market. The price of silver stayed stable at Rs8,034 per tola on Saturday. Gold prices in Pakistan usually change in line with movements in international bullion markets and the exchange rate of the Pakistani rupee against the US dollar.
The latest decrease has attracted attention from investors, jewelers, and buyers ahead of Eid ul Azha, as gold demand often increases during wedding seasons and festive occasions across the country.
Read more: Gold Prices Remain Volatile Amid Global Uncertainty
