Local Gold Market Sees Major Decline
Gold prices in Pakistan recorded a major decline on Tuesday, following a sharp drop in the international market.
According to rates issued by the All-Pakistan Gems and Jewelers Sarafa Association, the price of gold per tola fell by Rs10,400.
After the decline, the new per tola gold rate settled at Rs432,236 in the local market.
The price of 10 grams of gold also dropped sharply.
It decreased by Rs9,360 and reached Rs368,985.
The latest fall came a day after gold prices had increased in the domestic market.
On Monday, gold per tola had risen by Rs4,643 to settle at Rs442,636.
International Gold Prices Also Drop
The local decline reflected the downward trend in global bullion rates.
In the international market, gold prices fell by $104 per ounce.
The new international rate stood at $4,098 per ounce, including a premium of $20.
Market observers said local gold rates often move in line with changes in international prices.
Currency movement and domestic demand also affect final rates in Pakistan.
The latest drop may provide some relief to buyers who were facing record-high prices in recent weeks.
Silver Prices Move Lower Too
Silver prices also declined in the local market.
The price of silver per tola fell by Rs487.
After the decrease, silver settled at Rs6,664 per tola.
Jewellers said market activity may improve if prices remain stable after the sudden fall.
However, traders said buyers are still cautious due to frequent changes in precious metal rates.
Gold remains a key investment and savings option in Pakistan.
Many households also closely track prices due to wedding-related purchases and long-term savings decisions.
Analysts said future prices will depend on international market trends, currency exchange rates and investor demand.
