Gold Price Falls by Rs12,800 Per Tola in Pakistan — Check Latest Rates
The drop came amid pressure in international bullion markets and changing expectations surrounding US interest rates.
24-Karat Gold Price Drops to Rs438,136
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold decreased to Rs438,136 per tola on Monday.
The precious metal was previously priced at Rs450,936 per tola on September 26, marking a decline of Rs12,800 in a single session.
The price of 10 grams of 24-karat gold also declined by Rs10,973, reaching Rs375,631.
Gold Prices Continue Downward Trend
Monday’s sharp decline followed another drop recorded on Saturday. Gold prices had fallen by Rs2,100 per tola on September 26, after settling at Rs450,936.
Before that, gold was priced at Rs453,036 per tola on September 25 after recording a gain of Rs4,700 during the session.
The latest movements indicate continued volatility in Pakistan’s gold market.
International Gold Prices Also Decline
The decline in Pakistan’s gold prices followed a drop in international bullion rates.
The international gold price reportedly fell by $128 to $4,156 per ounce on Monday. Changes in global gold prices often influence rates in Pakistan, along with currency movements and local market conditions.
Silver Price Also Falls
Silver prices also recorded a decline in Pakistan on Monday.
The price of silver decreased by Rs325 per tola, bringing the latest rate to Rs6,578 per tola.
US Interest Rate Expectations Put Pressure on Gold
Market analysts linked the pressure on gold partly to changing expectations about US monetary policy.
According to Reuters, rising oil prices have increased concerns about inflation and contributed to expectations of further Federal Reserve rate hikes. Higher interest rates and bond yields can put pressure on gold because the precious metal does not provide interest income.
Global Uncertainty Continues to Influence Gold Market
Investors are also monitoring developments in the Middle East and international energy markets.
Gold is traditionally considered a safe-haven asset during periods of economic and geopolitical uncertainty. However, its price can also be affected by movements in the US dollar, bond yields, inflation expectations and interest-rate decisions.
Also Read: Petrol and diesel price cut brings little relief in Pakistan
Latest Gold and Silver Rates in Pakistan
24-karat gold:Rs438,136 per tola
24-karat gold:Rs375,631 per 10 grams
Silver: Rs6,578 per tola
International gold:$4,156 per ounce
Gold prices remain subject to changes in international bullion markets, currency movements and developments in global financial markets.
