KARACHI – Gold prices in Pakistan recorded a decline on Monday as the price of one tola dropped by Rs1,800 amid a decrease in international bullion rates.
All Pakistan Gems and Jewellers Association said that the price of one tola of gold dropped to Rs466,136, compared with the previous rate.
The latest decline reflects a downward movement in the international bullion market, which also recorded a significant decrease.
The price of 10 grams of gold fell by Rs1,543, bringing the rate down to Rs399,636.
The association reported that gold prices in the international market declined by $18 per ounce, with the precious metal trading at $4,436 per ounce.
Gold prices in Pakistan generally follow international market trends, while local rates are also influenced by currency fluctuations and domestic demand.
Changes in the value of the Pakistani rupee against the US dollar can have a direct impact on the local price of imported gold.
The latest reduction comes after gold prices remained at elevated levels in the domestic market. Investors and consumers closely monitor bullion prices as gold is widely considered a traditional store of value and is frequently purchased for savings, investment and jewellery.
Jewellers said fluctuations in international prices can quickly affect local bullion rates.
However, the actual jewellery prices may vary from the officially announced bullion rate because of additional costs, including making charges and other applicable expenses.
The decline in both domestic and international prices provides some relief to consumers looking to purchase gold, although the precious metal remains significantly expensive compared with historical price levels.
