Gold prices in Pakistan experienced a notable decline on Monday, with the cost of one tola dropping by Rs12,800. This decrease aligns with a substantial fall in international gold prices.
The All Pakistan Gems and Jewellers Sarafa Association reported that the price of one tola of gold fell to Rs438,136 from Rs450,936 recorded the previous day. Similarly, the price of 10 grammes of gold dropped by Rs10,973, settling at Rs375,631. Silver prices also saw a reduction, with one tola falling by Rs325 to Rs6,578.
On the global front, gold prices declined by $128 per ounce, reaching $4,156. This international downturn has directly impacted local market rates.
Notably, gold prices in Pakistan had risen by Rs4,700 per tola on the preceding Friday, partially recovering from losses incurred over the prior four trading days. On that day, the price of one tola increased to Rs453,036 from Rs448,336, while 10 grammes rose by Rs4,229 to Rs388,404.
Before Friday’s uptick, gold prices had dropped consecutively for four trading sessions, accumulating a total loss of Rs11,900 per tola during that period.
Gold prices are influenced by multiple factors, including fluctuations in the US dollar, global economic uncertainties, geopolitical tensions, and shifts in investor sentiment. Gold is traditionally regarded as a safe-haven asset during times of economic and political instability, with demand changes affecting its international valuation.
In Pakistan, the local bullion market prices are primarily driven by international gold rates and the rupee-dollar exchange rate, both of which play crucial roles in determining domestic price movements.
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