Gold Price Drops in Pakistan — Latest Rates Revealed
KARACHI: Gold prices declined in Pakistan on Tuesday after recording gains for four consecutive days in the local and international markets.
According to the All Pakistan Sarafa Association, the price of 24-karat gold decreased by Rs600 per tola, bringing the new price to Rs486,536 per tola.
The price of 10 grams of gold also fell by Rs514, reaching Rs417,126. Gold prices declined in the international market as well, with the price of the precious metal dropping by $6 per ounce to $4,640.
Meanwhile, silver prices also witnessed a decline in the domestic market. The price of silver fell by Rs100 per tola, bringing the new rate to Rs7,279.
The latest decline comes after four consecutive sessions of gains in both domestic and international gold markets. Market movements continue to be influenced by global economic developments, currency fluctuations and investor demand for precious metals.
Despite Tuesday’s decline, market analysts believe gold prices could remain volatile in the coming days. Changes in international gold prices and local market demand are expected to continue influencing rates in Pakistan.
Experts have also indicated that gold could cross the Rs500,000-per-tola mark during the current month if the recent upward trend resumes.
The latest rates provide some relief to buyers following the sharp increase witnessed over the past several days, although the precious metals market remains sensitive to developments in global financial markets.
