Gold prices fall for second straight day in Pakistan
The decline started in the international bullion market, where gold lost $10 per ounce. After the fall, the global gold price reached $4,040 per ounce.
The weaker global trend directly affected Pakistan’s local bullion market. As international prices declined, gold became cheaper across the country.
According to the All Pakistan Sarafa Jewellers Association, the price of 24-karat gold per tola dropped by Rs1,000. After the latest cut, the new price has reached Rs426,436 per tola.
The price of 10 grams of 24-karat gold also decreased by Rs857. It is now available at Rs365,600.
Silver prices also moved lower in the local market. The price of silver per tola fell by Rs68 and reached Rs6,291, offering some relief to people planning to buy silver jewellery.
This is the second consecutive day of falling gold prices. A day earlier, the price of 24-karat gold per tola had dropped by Rs4,300, bringing it down to Rs427,436.
On the previous day, the price of 10 grams of gold had also declined by Rs3,687. After that reduction, it stood at Rs366,457.
Silver had also become cheaper a day earlier. Its price per tola fell by Rs174 and reached Rs6,223, while the international gold price had dropped by $43 to $4,050 per ounce.
Economic experts say gold prices are mainly influenced by global market trends, the strength of the US dollar, worldwide economic indicators and investor demand. If international prices continue to fall, Pakistan’s local gold market may see another reduction in the coming days.
The recent decline could encourage more people to buy gold and silver, especially those waiting for lower prices. However, the market can change quickly, so future prices will still depend on global economic conditions and international bullion market movements.
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