Gold Falls After Previous Session’s Strong Increase
Gold prices declined across Pakistan on Thursday, providing some relief to buyers after a sharp increase in the previous session.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold fell by Rs1,800 per tola.
The new price settled at Rs432,036 per tola in the local market.
The price of 10 grams of gold also decreased by Rs1,543.
It closed at Rs370,401 after the latest decline.
The fall came one day after gold recorded a significant increase in Pakistan.
On Wednesday, the precious metal gained Rs4,600 and closed at Rs433,836 per tola.
International Gold Price Declines by $18
Gold also moved lower in the international market.
The global price declined by $18 per ounce during the latest trading session.
International gold settled at $4,096 per ounce.
Movements in global bullion prices usually influence local rates in Pakistan.
Currency fluctuations, international demand, interest rate expectations, and geopolitical developments can also affect domestic gold prices.
The latest decrease followed continued pressure in the international precious metals market.
Silver Prices Also Move Lower
Silver prices also declined in Pakistan on Thursday.
The price of silver fell by Rs33 per tola.
Following the decrease, silver settled at Rs6,370 per tola.
The simultaneous decline in gold and silver reflected weaker conditions across the precious metals market.
However, local prices may continue to fluctuate based on international rates and changes in the rupee-dollar exchange rate.
