Gold prices declined by Rs3,500 per tola in Pakistan, while international gold prices also dropped by $35 per ounce.
WEB DESK: Gold prices in Pakistan declined on Thursday after recording consecutive gains over several days, with the price of gold falling by Rs3,500 per tola.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold fell to Rs460,436.
10-gram gold price also declines
The association said the price of 10 grams of gold decreased by Rs3,001, bringing the rate down to Rs394,749.
The decline came after a sustained period of increases in domestic gold prices.
Gold rates in Pakistan are influenced by international bullion prices, currency movements and local market conditions.
International gold prices fall
Gold also recorded a decline in the international market.
According to the association, the international price of gold fell by $35 per ounce, reaching $4,380 per ounce.
The movement in international bullion prices can have a direct impact on domestic gold rates, particularly when combined with changes in the Pakistani rupee’s value against the US dollar.
Gold market remains closely watched
Gold remains a closely watched asset in Pakistan, both as jewellery and as a form of investment.
Sharp movements in international bullion prices can quickly translate into changes in local market rates, affecting consumers, jewellers and investors.
Today’s decline follows several days of gains and provides some relief for buyers after the recent upward movement.
Market participants will continue to monitor international gold prices and currency trends for indications of where domestic gold rates may move next.
