KARACHI: Pakistan’s gold market witnessed a decline in prices on the first trading day of the week, with the rate of gold per tola dropping by Rs900. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of the precious metal was quoted at Rs283,400 per tola in the local bullion market.
This downward trend was also reflected in the international market, where the price of gold per ounce decreased by $9 to $2,739, including a premium of $20.
The decline comes after a significant increase of Rs2,000 in the previous session, which saw gold prices reach Rs284,300 per tola.
Market experts attribute the recent fluctuations in gold prices to global economic and geopolitical uncertainties. The ongoing conflict in the Middle East has sparked increased demand for gold, as investors seek safe-haven assets.
Additionally, the upcoming US elections have introduced uncertainty, further boosting gold’s appeal as a hedge against instability.
The APGJSA’s daily gold prices serve as a benchmark for the Pakistani market, influencing trading decisions and investment strategies. The association’s data indicates that gold prices have been volatile in recent weeks, responding to shifting global economic and geopolitical dynamics.
