Gold prices in Pakistan recorded a major decline on Saturday, following a significant drop in international gold rates.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs15,100 per tola, bringing the new rate to Rs467,936 per tola.
The sharp decline comes after gold prices also weakened in the international market.
10-Gram Gold Price Drops
The price of 10-gram gold also decreased substantially during the day.
According to the latest market rates, 10-gram gold was priced at Rs401,179, down by Rs12,946 from the previous rate.
The domestic market had remained stable on Friday, with gold prices showing little movement in both Pakistan and international markets.
The latest decline has therefore marked a significant reversal in the local bullion market.
International Gold Prices Decline
Gold prices in the international market also recorded a sharp fall.
The international gold rate declined by $151, reaching $4,454 per ounce, including a $20 premium.
The movement in international prices directly influenced gold rates in Pakistan, contributing to Saturday’s substantial decline.
Gold prices in the local market are closely linked to international bullion prices, currency movements and domestic demand.
Silver Prices Also Fall
Silver prices also moved lower in Pakistan on Saturday.
The price of silver declined by Rs397 per tola, reaching Rs7,112 per tola.
The latest market movement means both gold and silver recorded notable declines during the trading session.
Jewellers and investors will continue to monitor international bullion prices and currency trends for their potential impact on precious metal rates in Pakistan.
