Gold Prices Drop Sharply In Pakistan As Global Bullion Market Weakens
- Gold prices in Pakistan fell by Rs4,400 per tola after a brief upward trend.
- International gold prices declined by $44 per ounce, putting pressure on local bullion markets.
- Silver continued to gain value, with prices rising for both per tola and 10-gram measurements.
Gold prices recorded a significant decline in Pakistan on Monday, mirroring losses in international bullion markets as investors witnessed a sharp correction after recent gains.
According to the latest rates released by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs4,400, bringing the new rate down to Rs471,762 in the local market.
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The decline was also reflected in gram-based pricing. The price of 10 grams of 24-karat gold fell by Rs3,773 to Rs404,459, while 10 grams of 22-karat gold decreased by Rs3,459 to settle at Rs370,767.
The downward trend in Pakistan followed a similar movement in international markets, where gold prices also came under pressure. In the global bullion market, the price of gold declined by $44 per ounce, bringing the international rate down to $4,494 per ounce.
Market observers said the decline reflects changing investor sentiment in precious metals markets after recent volatility. International price movements typically have a direct impact on local gold rates, resulting in corresponding adjustments in Pakistan’s bullion market.
While gold prices moved lower, silver continued to attract buying interest and extended its upward momentum.
The price of 24-karat silver per tola increased by Rs46, reaching Rs8,059. Similarly, the price of 10 grams of silver rose by Rs40 to settle at Rs6,909.
The contrasting performance of gold and silver highlights shifting trends within the precious metals market, with gold facing selling pressure while silver continues to post gains.
Jewellers and market analysts noted that fluctuations in global commodity markets, investor demand and broader economic conditions remain key factors influencing precious metal prices. They added that local rates are likely to continue tracking international market movements in the coming days.
The latest decline marks a notable reversal for gold after recent gains, offering some relief to buyers, while silver’s continued rise reflects sustained demand for the metal in both investment and industrial sectors.
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