Gold prices in Pakistan continued their downward trend on Tuesday, influenced by weaker global market conditions. Both local and international gold rates experienced a decline, impacting traders across the country.
In the domestic market, the price of gold per tola decreased by Rs2,100, settling at Rs477,862. Similarly, the rate for 10 grams dropped by Rs1,801 to Rs409,689, the All Pakistan Sarafa Gems and Jewellers Association.
This fall mirrored the international bullion market, where gold prices slipped by $21 to reach $4,555 per ounce. Silver prices in Pakistan also saw a reduction, with the per tola rate falling by Rs65 to Rs7,849 and the 10-gram price decreasing by Rs55 to Rs6,729.
Notably, this decline followed a significant drop the previous day, when gold prices in Pakistan had fallen by Rs3,800 per tola amid easing global rates. Analysts attribute the recent pressure on gold prices to ongoing inflation concerns and uncertainty surrounding US monetary policy.
In a significant development, expectations that US interest rates may remain high have strengthened, reducing gold’s attractiveness as a non-yielding asset. Investors are increasingly favoring instruments that offer better returns, contributing to the downward pressure on gold prices.
