Gold prices in Pakistan decline as global rates fall by $36 per ounce
Gold prices fall in local markets
The All Pakistan Sarafa Gems and Jewellers Association reported a significant decline in local gold prices, making the precious metal cheaper for buyers. The price of 24-karat gold fell by Rs3,600 per tola, bringing the new rate to Rs435,436.
10-gram gold also becomes cheaper
The price of 10-gram gold decreased by Rs3,086, taking its new rate to Rs373,316. The latest decline means buyers will pay less for both per tola and 10-gram gold compared with the previous rates.
Global gold prices also decline
Gold prices also dropped in the international market, where the rate per ounce fell by $36 to reach $4,129. The movement in global prices is one of the factors that influence gold rates in Pakistan.
Factors affecting gold prices
Experts say global economic conditions, changes in the value of the US dollar, political tensions and investor behaviour can affect gold prices. In Pakistan, international rates and the value of the rupee also play an important role in determining prices in local markets.
The latest decline may offer some relief to people planning to buy gold, especially those facing high jewellery costs. However, prices can change again as international market conditions, currency movements and investor demand shift.
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