The gold price in Pakistan fell sharply on Monday, dropping Rs3,800 per tola amid a decline in international gold rates. The latest move brought the local price down to Rs453,336 per tola.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold also recorded a decline. Its price fell by Rs3,258 to reach Rs388,662.
The latest decrease came after gold prices posted a modest increase in the previous session. On Saturday, the price of gold had risen by Rs400 per tola and reached Rs457,136 in the local market.
The decline in the gold price in Pakistan followed a drop in the international market. Global gold prices decreased by $38 per ounce, bringing the international rate to $4,308 per ounce.
Gold prices in Pakistan often move in line with international market trends. Changes in global bullion prices can therefore influence local rates, along with other market factors that affect precious metals.
Silver prices also moved lower in the domestic market on Monday. The price of silver declined by Rs122 per tola, reaching Rs6,802 per tola, according to the latest rates.
The latest movement marks a notable daily decline in the gold price in Pakistan, reversing the small gain recorded during the previous session. Investors, traders and consumers will continue to monitor international gold rates for further changes in local prices.
