Gold prices in Pakistan witnessed another significant decline on Friday, October 30, as international bullion rates continued to fall. The latest reduction brought the price of one tola of gold down by Rs 5,100 in the local market.
According to market rates, 24-karat gold now costs Rs 420,536 per tola, compared with the previous rate of Rs 425,636. Meanwhile, the price of 10 grams of gold decreased by Rs 4,373 to reach Rs 360,541.
The decline follows continued weakness in international gold markets. Consequently, local buyers and investors are closely monitoring changes in precious metal prices.
International Gold Rates Witness Further Decline
Gold prices in the international market also moved downward on Friday. The international rate dropped by $51 per ounce, bringing the price to $3,980.
The decline reflects growing pressure on global bullion markets as investors assess economic developments and expectations surrounding US monetary policy. Moreover, stronger economic growth and inflation concerns have increased expectations of possible interest rate hikes.
Higher interest rates generally reduce gold’s appeal because the precious metal does not generate interest. As a result, investors may shift towards other assets offering better returns.
Silver Prices Also Fall In Local Market
Meanwhile, silver prices also recorded a decline across Pakistan. The price of one tola of silver dropped by Rs 238, bringing its new rate to Rs 5,530.
The latest movement highlights continued fluctuations in the country’s precious metals market. Furthermore, international price movements remain an important factor influencing domestic gold and silver rates.
Market participants will continue watching global economic indicators and monetary policy developments for further direction.
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