KARACHI: Gold prices in Pakistan witnessed a sharp decline on Saturday, mirroring losses in the international bullion market, with the price of 24-karat gold falling by Rs3,700 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The association said the price of 24-karat gold dropped to Rs426,736 per tola, down from Rs430,436 in the previous session.
Likewise, the price of 10 grams of 24-karat gold fell by Rs3,202 to Rs365,857.
Silver prices also moved lower, with the price of silver per tola decreasing by Rs57 to Rs6,237.
The downward trend was in line with the international market, where the price of gold declined by $37 to $4,043 per ounce, exerting pressure on domestic bullion prices.
Bullion dealers said Pakistan’s gold market continues to closely track international price movements, with fluctuations in global bullion rates directly influencing local prices.
Market analysts attributed the volatility in gold prices to persistent global economic uncertainty, evolving monetary policies of major central banks, inflationary pressures and investors’ shifting demand for safe-haven assets.
Experts believe that the direction of the US dollar, global economic conditions and developments in international financial markets will remain key factors determining gold prices in the coming days.
They advised investors and buyers to closely monitor both local and international market trends before making investment or purchasing decisions, warning that even minor changes in global economic conditions could trigger significant swings in bullion prices.
