Gold price in Pakistan slipped sharply on Monday following a drop in international bullion rates. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold fell by Rs 1,400 per tola, reaching Rs 444,900.
In the local market, 10 grams of 24-carat gold decreased by Rs 1,200, settling at Rs 381,430. Similarly, 10 grams of 22-carat gold were sold at Rs 349,656, down by Rs 1,100 from the previous day. The decline in gold price reflects ongoing volatility in both local and international markets.
On the international front, gold dropped by $17, closing at $4,235 per ounce. Analysts attribute the fall to strengthening global currencies and cautious investor sentiment. The downward trend in international gold prices continues to influence the domestic market significantly.
Silver prices also saw a decrease. Per tola, silver fell by Rs 12 to Rs 5,261, while 10 grams of silver dropped by Rs 10 to Rs 4,510. Globally, silver prices declined by $0.26, reaching $51.60 per ounce.
Experts say that fluctuations in the interbank exchange rate and uncertainty in global demand remain key factors affecting precious metal prices in Pakistan. Investors are advised to closely monitor currency trends and international gold price movements in the coming days.
The recent decline in gold price offers a cautionary signal for traders and buyers. While some investors may view this as an opportunity to purchase, others remain wary due to ongoing global market uncertainties.
In other news read more about Gold Prices Extend Record Rally in Pakistan; Check New Per Tola Rate
Overall, the domestic gold market continues to reflect changes in international prices. Both gold and silver markets are expected to remain sensitive to global economic indicators and currency shifts.
