Gold prices in Pakistan experienced a noticeable decline on Saturday, mirroring a slight downturn in the international bullion markets. This shift came as global gold prices fell by $7 per ounce, settling at $4,746 per ounce, signaling a modest correction after recent market fluctuations. The local market responded accordingly, with gold prices adjusting downward in tandem with these global movements.
Specifically, the price of 24-karat gold in Pakistan decreased by Rs700 per tola, bringing it down to Rs496,962. Similarly, the cost for 10 grams of gold dropped by Rs600, now priced at Rs426,064. These changes highlight the sensitivity of the domestic market to international trends, as investors and traders react to shifts in global demand and supply dynamics.
Meanwhile, silver prices in the Pakistani market took an opposite trajectory, posting gains amid the mixed bullion market signals. The price of silver increased by Rs50 per tola, reaching Rs8,064, while the cost for 10 grams rose by Rs43 to Rs6,913. This upward movement in silver prices suggests sustained demand, possibly driven by its appeal as an alternative investment during periods of gold price volatility.
Market analysts noted that the contrasting movements in gold and silver prices reflect the ongoing volatility in global bullion markets. While gold experienced a mild pullback after recent price swings, silver continued to attract buyers, maintaining its upward momentum. This divergence underscores the complex interplay of factors influencing precious metal markets both internationally and within Pakistan.
