KARACHI: Gold prices in Pakistan recorded a sharp decline on Monday, with the price of one tola falling by Rs12,800 in line with a drop in international gold rates.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold price per tola fell to Rs438,136 from the previous level of Rs450,936.
The price of 10-gram gold also declined by Rs10,973, reaching Rs375,631 in the local market.
The latest decline follows a Rs2,100 reduction in the price of gold per tola on Saturday, when the rate stood at Rs450,936.
Gold prices in the international market also witnessed a significant decline on Monday. The international rate fell by $128 to $4,156 per ounce, putting additional pressure on domestic bullion prices.
The sharp movement in international gold prices has been reflected in the local market, where gold rates are adjusted according to global trends, exchange rates and domestic market conditions.
Meanwhile, silver prices also declined in the local market. The price of silver decreased by Rs325 per tola to Rs6,578.
The latest fall provides some relief to local buyers after gold prices had remained elevated in recent sessions. However, precious metal prices continue to remain sensitive to international market movements and developments affecting global investor sentiment.
Market participants are closely watching international bullion prices for further direction, particularly amid changing expectations around global economic conditions and geopolitical developments.
