Gold prices in Pakistan declined on Saturday, ending a two-day rally as international bullion prices edged lower, according to the All Pakistan Sarafa Gems and Jewellers Association. The price of 24-karat gold dropped by Rs1,100 per tola to Rs439,836 in the local market. The price of 10 grams of 24-karat gold also fell by Rs943, settling at Rs377,088.
Silver Prices Also Decline
Silver prices followed the same trend, with the rate per tola decreasing by Rs48 to Rs6,716. The decline in precious metals came as the international bullion market saw gold lose $11 per ounce to trade at $4,174, contributing to the downward pressure on domestic prices.
Factors Influencing Domestic Gold Prices
Gold prices in Pakistan typically move in line with fluctuations in global bullion markets and changes in the rupee-dollar exchange rate. The association noted that the local market reacts swiftly to international trends, and the latest drop reflects a correction after a two-day rally.
The All Pakistan Sarafa Gems and Jewellers Association provides daily updates on gold and silver rates across the country, serving as a key reference for traders and consumers.
