Gold prices in Pakistan experienced a notable decline on Monday, mirroring a downward trend in global markets amid reduced demand and ongoing geopolitical uncertainties. The All Pakistan Sarafa Association reported that the price of gold per tola decreased by Rs4,900, settling at Rs501,162 in local markets.
Similarly, the price for 10 grams of gold dropped by Rs4,201, reaching Rs429,665. On the international front, gold prices fell by 49 dollars to 4,788 dollars per ounce, reflecting a broader global slump.
Meanwhile, silver prices displayed mixed behavior. Globally, silver prices increased by 1.45 dollars to 79.33 dollars per ounce. However, in Pakistan, silver prices declined, with the rate per tola falling by Rs145 to Rs8,417 and per 10 grams decreasing by Rs124 to Rs7,216.
Analysts attributed the decline in gold prices to several factors, including escalating war-related expenditures tied to the Russia-Ukraine conflict. Additionally, reports of Turkey selling gold reserves to alleviate financial strain have influenced market dynamics.
Persistent tensions surrounding the ongoing US-Iran negotiations have further contributed to instability in global bullion markets, reinforcing the downward pressure on gold prices.
