Gold prices in Pakistan continued their downward trend as the local bullion market recorded another decline during the latest trading session.
According to fresh market figures, the price of Gold per tola dropped by Rs600, bringing the new rate to Rs476,262. The decline reflects ongoing weakness in both local and international precious metals markets.
The price of 10 grams of Gold also decreased by Rs515. After the latest change, the new rate for 10 grams settled at Rs408,317.
Market data showed that silver prices also witnessed a sharp decline. The price of silver per tola fell by Rs159 and closed at Rs8,073 in the domestic market.
Meanwhile, the international bullion market also remained under pressure. Global Gold prices slipped by $6 per ounce and settled at $4,539 per ounce, including a premium of $20.
Analysts believe changing investor sentiment and uncertainty in financial markets are affecting precious metal prices worldwide. They say fluctuations in the US dollar and global economic developments are also influencing the current trend.
Different categories of Gold also recorded lower rates in Pakistan. The price of 22-karat Gold per tola reached Rs430,558, while 21-karat Gold per tola was priced at Rs410,987. The rate for 18-karat Gold per tola stood at Rs352,275.
For gram-based prices, 21-karat Gold was available at Rs35,236 per gram, while 22-karat Gold reached Rs36,914 per gram.
Over the past week, the bullion market has remained highly volatile. On May 15, the Gold price per tola was recorded at Rs476,862. Earlier in the week, prices remained significantly higher.
On May 14, Gold traded at Rs492,362 per tola. On May 13, the rate stood at Rs491,362. The market recorded Rs492,462 on May 12 and Rs488,362 on May 11.
The highest rates during the week were seen on May 8 and May 9, when Gold prices crossed Rs493,000 per tola.
Experts believe the market may remain unstable in the coming days. Traders are closely monitoring international economic indicators and geopolitical developments that could affect demand for safe-haven assets like Gold and silver.
In other news read more about: Gold Price in Pakistan Falls by Rs15,500 in Major Market Drop
Investors and buyers are also watching currency market movements, as changes in the dollar rate often impact local bullion prices in Pakistan.
