Gold prices recorded another major decline in Pakistan on Tuesday, following a sharp fall in international bullion rates. The price of 24-karat gold fell by Rs4,000 per tola, bringing the new rate to Rs449,336.

The price of 10-gram gold also decreased by Rs3,429 to Rs385,233. The latest decline comes as global gold prices remained under pressure, with international markets seeing increased selling.

Global gold price falls

In the international bullion market, gold fell by around $40 per ounce, taking the reported global price to $4,268 per ounce. Reuters reported spot gold at about $4,266.49 per ounce during Tuesday trading, with stronger expectations of higher US interest rates weighing on the precious metal.

Higher interest rates generally reduce the appeal of gold because the metal does not generate interest income. A stronger US dollar and rising Treasury yields have also added pressure to bullion prices.

Silver price remains unchanged

While gold prices declined in both international and local markets, silver remained stable in Pakistan. The price of silver stayed unchanged at Rs6,802 per tola.

The latest movement gives buyers and investors another significant change to watch as global economic developments continue to influence local bullion prices.