ISLAMABAD: Gold prices in Pakistan witnessed a significant decline on Tuesday, following a downward trend in the international bullion market.
According to market sources, the price of 24-karat gold per tola fell by Rs 1,000, taking the new price to Rs 361,300. Similarly, the price of 10 grams of gold fell by Rs 857, now at Rs 309,756.
Analysts attribute the price decline to a decline in demand and a drop in global gold prices. “The local market is closely monitoring international trends. As global gold prices fell, local rates were adjusted accordingly,” said a leading bullion trader.
The international gold market has been volatile in recent days due to the strengthening US dollar and a change in investor sentiment amid ongoing geopolitical uncertainty and interest rate expectations.
Investors and traders continue to monitor the global financial scenario, which is a key factor influencing precious metal prices in local markets.
The decline provides some relief to consumers, especially ahead of the upcoming wedding season when gold demand typically increases in Pakistan. However, market experts advise caution, noting that prices could remain volatile in the short term.
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