The local gold market in Pakistan opened the week with a downward trend on Monday, tracking a decline in global bullion rates.
According to the rates issued by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola decreased by Rs3,094, bringing the local rate down to Rs452,222.
This drop follows a preceding contraction during Saturday’s trading session where the per-tola price fell by Rs12,489 to settle at Rs455,327.
The price of 10 grams of 24-karat gold also experienced a reduction on Monday, dropping by Rs2,785 to trade at Rs386,987 – down from the previous session’s value of Rs389,772.
Market observers link the domestic price contraction to movements in the international market where gold rates dropped by $30 to reach $4,297 per ounce, including a $20 premium.
Analysts attribute the shifting momentum in precious metals to changing investor sentiment and changing demand for safe-haven assets.
This market activity comes amid geopolitical and economic factors, including climbing oil prices following fresh hostilities between Iran and Israel.
Along with the gold market, the price of silver also contracted on Monday. The rate for silver fell by Rs94 per tola, bringing its value down to Rs7,173 from the previous session’s closing price of Rs7,267.
