ISLAMABAD: Gold prices recorded the second biggest decline on Monday with a decline of Rs 21,500 per tola. Hence, in two business days (Saturday and Monday), the gold prices in Pakistan sharply dropped by over 52,000 per tola amid the global decline in prices.
The 24-karat gold was being sold at Rs490,362 per tola, marking a decrease of Rs21,500 compared to the previous session. Similarly, the rate for 24-karat gold per 10-gram dropped by Rs18,433 to Rs420,406, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The price of 22-karat gold also declined, trading at Rs385,386 per 10-gram. Meanwhile, silver prices experienced a similar downtrend, with 24-karat silver sold at Rs8,405 per tola, down Rs601, and Rs7,205 per 10-gram, falling Rs516.
Market analysts linked the decline in domestic gold and silver rates to global trends. Internationally, spot gold traded near $4,590 per ounce, down $149 or 3.14% from the previous session. Investors reportedly booked profits, while the strengthening U.S. dollar added pressure on precious metal prices worldwide.
A comparison of recent movements shows that in one month, 24-karat gold per tola increased by Rs34,800, while year-to-date gains reached Rs140,162. Similarly, silver recorded a one-month rise of Rs649 and a year-to-date gain of Rs4,623.
The domestic market continues to closely follow global price trends, with fluctuations in the U.S. dollar and international gold prices influencing local rates. Traders advised buyers and investors to monitor both global and local developments before making purchases.
