Gold prices in Pakistan continued their downward trend on Friday, October 23, as falling international rates pushed local prices lower for a second consecutive day. The latest decline brought noticeable relief to buyers, although the precious metal remains expensive in the domestic market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs7,000 per tola, reaching Rs424,536. Meanwhile, the 10-gram gold rate also declined, dropping Rs6,001 to Rs363,971.
Gold Price in Pakistan Falls by Rs7,000 Per Tola
The latest gold price decline followed another reduction on Thursday, when the per-tola rate fell by Rs3,000 to Rs431,536. Consequently, gold prices have recorded two consecutive days of losses in the local market.
Friday’s sharper decline further reduced the cost of purchasing gold for jewellery buyers and investors. However, prices remain sensitive to movements in the international bullion market, which continues to influence domestic rates.
The latest figures highlight the continuing pressure on gold prices, as the international market also recorded a significant drop.
International Gold Prices Lose $70 Per Ounce
Gold prices declined in the international market on Friday, with the metal losing $70 to trade at $4,020 per ounce.
This international decline coincided with the latest fall in Pakistan’s domestic gold rates. As a result, local prices moved lower for the second consecutive day, reflecting the broader downward trend.
International bullion prices remain an important factor in determining gold rates in Pakistan. Therefore, further movements in global prices could influence the domestic market in the coming days.
Silver Prices Also Decline in Pakistan
Gold was not the only precious metal to record losses on Friday, as silver prices also moved lower in the local market.
The price of silver fell by Rs221 per tola to reach Rs5,865. The decline reflected another setback for buyers and investors tracking precious metal prices.
With both gold and silver recording losses, the latest market figures point to a broad decline in domestic precious metal rates. However, future price movements will depend on developments in international markets and subsequent local rate updates.
For now, gold prices in Pakistan have extended their losses for a second straight day, while silver has also become cheaper. Buyers and investors will be watching closely to see whether the downward trend continues.
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