Gold prices declined across Pakistan on Saturday, reflecting a downward trend in both domestic and international bullion markets.
The price of gold per tola fell by Rs2,000 to settle at Rs452,262, according to data released by local bullion markets. Similarly, the price of 10 grams of gold dropped by Rs1,715, bringing it down to Rs387,741. The decline comes amid reduced demand and fluctuations in global precious metals markets.
Market analysts noted that local gold prices often mirror movements in the international market, adjusted for exchange rate variations and domestic demand conditions.
On Saturday, the global price of gold fell by $20 to $4,299 per ounce, contributing to the downward pressure on local rates. The decline in international prices was attributed to a stronger US dollar and cautious investor sentiment ahead of key global economic indicators.
Traders in Pakistan said that buying activity remained subdued, as consumers continued to wait for further price corrections before making purchases, particularly ahead of the wedding season when gold demand typically increases. Jewelers also reported slower sales, citing uncertainty over future price movements and overall economic conditions.
Despite the recent decline, gold prices remain significantly higher compared to earlier levels this year, supported by ongoing geopolitical tensions and concerns over inflation in major economies.
Experts believe that short-term volatility is likely to persist, as global markets react to interest rate expectations, currency movements, and economic data from major economies.
In Pakistan, gold is widely regarded as a safe-haven asset and a preferred form of investment during periods of economic uncertainty.
Any movement in international prices, along with changes in the rupee-dollar exchange rate, tends to have an immediate impact on local gold rates. Market participants will continue to closely monitor global trends and domestic economic indicators to assess the future direction of gold prices in the country.
