Gold price in Pakistan fell by Rs2,700 per tola on Monday, following a decline in international gold rates. The price of gold reached Rs457,536 per tola in the local market after the latest reduction.
The price of 10-gram gold also declined during the day. It fell by Rs2,315 to reach Rs392,263, according to the latest rates announced by the All-Pakistan Gems and Jewellers Sarafa Association.
The latest decline follows a smaller reduction recorded in the previous session. On Saturday, the gold price had fallen by Rs100 per tola and stood at Rs460,236 in the local market.
The gold price in Pakistan moved lower as international gold rates also recorded a decline. The international price dropped by $27 per ounce to reach $4,350, putting downward pressure on local bullion rates.
The latest movement comes after a period of strong gold prices in both local and international markets. Changes in international bullion rates can directly influence domestic prices, along with movements in currency exchange rates and local market conditions.
Meanwhile, silver prices remained unchanged in the local market. Silver continued to trade at Rs7,100 per tola, showing no change despite the movement in gold prices.
The latest gold price in Pakistan stood at Rs457,536 per tola, while 10-gram gold was priced at Rs392,263. Market participants will continue to monitor international bullion prices and other factors that could influence local precious metal rates.
