Gold prices fall again in Pakistan after one-day pause
ISLAMABAD: Gold prices declined again in Pakistan and the international market, just a day after witnessing another drop.
According to the All Pakistan Sarafa Association, the price of 24-karat gold fell by Rs600 per tola, bringing the new rate to Rs462,336 per tola.
The price of 10 grams of 24-karat gold also decreased by Rs515, with the new rate standing at Rs396,378.
Meanwhile, silver prices also witnessed a decline in the domestic market. The price of silver fell by Rs17 per tola, bringing the new rate to Rs7,124 per tola.
In the international market, gold prices also moved lower. The price of gold declined by $6 per ounce, reaching $4,398 per ounce.
The latest decline comes after gold prices had already fallen a day earlier, indicating continued movement in both domestic and international bullion markets.
Gold prices in Pakistan are influenced by international bullion rates, currency movements and local market conditions. Changes in global prices can therefore have a direct impact on the rates announced by bullion and jewellers’ associations in the domestic market.
The latest reduction provides some relief to consumers and jewellery buyers following fluctuations in gold prices in recent days. Market participants are expected to continue monitoring international bullion prices and currency trends for further changes in domestic gold rates.
