Gold prices in Pakistan continued their downward trend on Tuesday, with the cost of one tola decreasing by Rs800 to reach Rs437,336, as per the All Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grammes of gold dropped by Rs686 to Rs374,945.
This decline followed a sharp fall on Monday, when the price of one tola plummeted by Rs12,800 to Rs438,136 from Rs450,936 recorded the previous day. The rate for 10 grammes also fell significantly by Rs10,973, settling at Rs375,631 on Monday.
In addition to gold, silver prices also saw a reduction, with one tola falling by Rs325 on Monday to Rs6,578. Meanwhile, international gold prices experienced a notable drop, falling by $128 per ounce on Monday to $4,156.
Earlier in the week, on Friday, gold prices had rebounded, rising by Rs4,700 per tola to Rs453,036 from Rs448,336, and 10 grammes increasing by Rs4,229 to Rs388,404. This uptick partially offset losses from the previous four trading days, during which gold prices had declined by a total of Rs11,900 per tola.
The fluctuations in gold prices are driven by multiple factors, including the strength of 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 or geopolitical instability, which influences its international demand and pricing.
Within Pakistan, the local bullion market prices are closely tied to the international gold rates and the rupee-dollar exchange rate, both of which play pivotal roles in determining domestic gold prices.
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