Gold price decreases by Rs1,000 per tola in Pakistan

Karachi (Web Desk): Gold prices continued their downward trend in Pakistan for the second consecutive day, with rates witnessing another decline in local markets, while international prices also recorded a drop.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold decreased by Rs1,000 per tola, bringing the new rate down to Rs426,436.

Similarly, the price of 10 grams of gold fell by Rs857, after which it was traded at Rs365,600.

Meanwhile, silver prices also declined in the domestic market, with the price per tola decreasing by Rs68 to Rs6,291.

A day earlier, gold prices had also witnessed a significant drop, as the rate of 24-karat gold declined by Rs4,300 per tola to Rs427,436.

The price of 10 grams of gold had decreased by Rs3,687, settling at Rs366,457.

During the same period, the price of silver had fallen by Rs174 per tola, reaching Rs6,223.

In the international market, gold prices also moved lower, with the rate dropping by $10 to $4,040 per ounce.

Market experts said that fluctuations in global gold prices, changes in the value of the US dollar, and shifting investor trends were contributing factors behind the decline in domestic gold rates.

Sarafa market traders said the recent decrease in prices could attract more buyers interested in purchasing jewellery.

However, ongoing uncertainty and frequent price changes have prompted investors and customers to remain cautious.

Experts added that if the downward trend in global gold prices continues, local markets may witness further reductions or stability in the coming days. However, any major economic or geopolitical development could influence gold prices again.