Gold prices in Pakistan continued to fall on Saturday, marking the sixth consecutive session of declines. The price per tola (a traditional South Asian unit equivalent to about 11.66 grammes) dropped to Rs238,000, following a single-day decrease of Rs1,600.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grammes of gold also fell, closing at Rs204,047 after a reduction of Rs1,257. This downward trend follows a similar drop on Friday, when the price of gold fell by Rs1,400 per tola.
While gold prices in Pakistan declined, the international market saw an uptick in gold rates. As per APGJSA, the global price of gold reached $2,301 per ounce (with a premium of $20), registering a gain of $4 during the day.
Despite this international increase, the domestic market in Pakistan has seen a consistent downward trend. Over the past six sessions, gold prices per tola have dropped by Rs7,000. This decline is significant, considering that just last month, gold reached an all-time high of Rs252,200 per tola in the local market.
Meanwhile, the price of silver remained stable, with rates holding at Rs2,620 per tola.
Analysts suggest that the local decline in gold prices may be due to various factors, including market speculation, currency fluctuations, and changes in demand. With international prices showing a slight increase, it remains to be seen whether the downward trend in Pakistan will continue or if the market will begin to stabilise.
For now, local consumers and investors in gold are watching the market closely, anticipating potential changes in the days ahead.
