Pakistan experienced some relief as gold prices per tola declined, influenced by a fresh slump in the international market that alleviated pressure on local bullion rates. The All Pakistan Sarafa Gems and Jewellers Association reported a decrease of Rs2,400 per tola, setting the new price at Rs437,436. Similarly, the cost of 10 grams of gold fell by Rs2,058, reaching Rs375,030.
This reduction aligns with the downward trend in global gold prices, which has also affected the domestic bullion market. On Saturday, gold prices in Pakistan dropped in tandem with international losses. The local price per tola fell by Rs1,100 during the day, settling at Rs439,836. Meanwhile, 10-gram gold was sold at Rs377,088 after a decline of Rs943, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On the previous day, Friday, the gold price per tola had surged by Rs12,200, reaching Rs440,936. Market analysts note that the recent fall has temporarily reversed this upward momentum. They emphasize that fluctuations in global economic conditions, the strength of the US dollar, central bank policies, and investor sentiment continue to play significant roles in shaping gold prices in Pakistan.
Experts caution that prices may experience further volatility in the coming days, depending on global market dynamics and geopolitical developments. Notably, jewellery traders anticipate an increase in purchasing activity ahead of the wedding season, encouraged by the recent price reduction.
