Summary
- Gold prices witnessed a sharp decline across Pakistan on Saturday, providing some relief to buyers after recent fluctuations in the bullion market.
- Jewellers said the domestic gold market remained under pressure due to changes in global bullion prices.
- Market analysts said international gold prices continue to fluctuate because of changes in investor sentiment, global economic conditions, inflation expectations and movements in the US dollar.
Gold prices witnessed a sharp decline across Pakistan on Saturday, providing some relief to buyers after recent fluctuations in the bullion market. The decrease came in line with a fall in international gold prices, according to the All Pakistan Gems and Jewellers Association.
The association said the price of 24-karat gold per tola dropped by Rs3,700, bringing the new rate to Rs426,736.
Similarly, the price of 10 grams of 24-karat gold fell by Rs3,202, with the new price fixed at Rs365,857.
Jewellers said the domestic gold market remained under pressure due to changes in global bullion prices. They explained that local gold rates are determined by international market trends along with fluctuations in the value of the Pakistani rupee against the US dollar.
In the international bullion market, the price of gold also registered a noticeable decline. The price per ounce dropped by $37, settling at $4,043.
Market analysts said international gold prices continue to fluctuate because of changes in investor sentiment, global economic conditions, inflation expectations and movements in the US dollar. These factors directly influence gold prices in Pakistan.
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