A major change in gold prices in Pakistan — Buyers take notice

Gold prices continued to decline in Pakistan on Monday following another drop in the international bullion market.

Gold prices continued to decline in Pakistan on Monday following another drop in the international bullion market. The latest fall has pushed domestic gold rates lower as global precious metal prices remain under pressure.

According to international bullion market data, the price of gold decreased by $24 per ounce to $4,406. The decline was also reflected in Pakistan’s local bullion markets where both gold and silver prices recorded further losses.

According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold fell by Rs2,400 per tola bringing the rate down to Rs463,136.

The price of 10 grams of gold also declined by Rs2,058, settling at Rs397,064.

Silver prices followed a similar downward trend in both international and domestic markets. The international price of silver dropped by 39 cents per ounce to $65.80.

As a result, the price of silver in Pakistan decreased by Rs39 per tola to Rs7,059. Meanwhile, the price of 10 grams of silver declined by Rs34 to Rs6,051.

The latest movement comes after gold and silver prices also fell on Saturday following two consecutive sessions in which prices remained unchanged.

On Saturday, international gold prices had declined by $36 per ounce to $4,430. The fall was mirrored in Pakistan, where the price of gold dropped by Rs3,600 per tola to Rs465,536.

The price of 10 grams of gold had also decreased by Rs3,086 on Saturday reaching Rs399,122.

The continued decline in international bullion prices has therefore translated into lower gold rates for buyers in Pakistan. Investors and consumers are closely monitoring movements in the global precious metals market as international prices continue to influence domestic rates.

Gold remains one of the most closely watched commodities in Pakistan particularly among investors and consumers who use the precious metal as a store of value.

With international gold prices currently under pressure local buyers may continue to watch for further changes in gold prices in Pakistan during the coming trading sessions.

Market participants will also be keeping a close eye on global bullion trends, as any significant movement in international gold prices could have a direct impact on domestic gold rates.