Gold prices in Pakistan witnessed a significant downturn on Tuesday, following the global trend of declining gold rates.
In the local market, the price of gold per tola dropped to Rs240,900 after a sharp single-day reduction of Rs7,800, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Simultaneously, the price for 10 grammes of gold experienced a similar decrease, settling at Rs206,533, a drop of Rs6,687 from the previous day’s trading. This marks a substantial reduction after Monday’s decline, when gold per tola fell by Rs3,500.
The international market also saw a downward trend in gold prices, which further impacted local rates.
According to APGJSA, the international rate for gold was set at $2,309 per ounce, with a premium of $20, following a significant decline of $72 during the day. This indicates a continuing bearish outlook for the precious metal.
In addition to the falling gold prices, silver rates also experienced a reduction. The price per tola for silver decreased by Rs100, settling at Rs2,780.
This reflects a broader downward trend in precious metals, driven by fluctuating global market dynamics and investor sentiment.
The cumulative effect of these decreases over just two trading sessions has led to a total decline of Rs11,300 per tola in the local market, mirroring an over $100 per ounce drop in the international rate.
This sharp decline in gold prices comes just days after the metal hit an all-time high of Rs252,200 per tola in Pakistan on Saturday.
The record surge in gold prices had been attributed to geopolitical tensions in the Middle East, coupled with central banks increasing their gold reserves, factors that typically drive demand for safe-haven assets like gold.
However, the recent downward trend indicates a shift in market sentiment, with possible impacts on local and international investment strategies.
Traders and investors will be closely monitoring the fluctuations in the gold market, looking for signs of stabilisation or further volatility as international and local factors continue to evolve.
