KARACHI – The gold prices fell sharply across Pakistan on Tuesday, ending a two-day streak of gains as international bullion prices declined.
All Pakistan Gems and Jewellers Association (APGJA) confirmed the development.
The association reported that the price of 24-karat gold per tola dropped by Rs4,300, bringing the new rate down to Rs427,436.
Similarly, the price of 10 grams of 24-karat gold declined by Rs3,687, settling at Rs366,457.
The drop in domestic gold prices follows a decline in the international bullion market, where the price of gold fell by $43 per ounce to $4,050.
The decrease comes after two consecutive trading sessions in which gold prices had posted significant gains, driven by fluctuations in global financial markets and investor demand for safe-haven assets. Tuesday’s decline reflects a correction in international prices, which was quickly mirrored in Pakistan’s local bullion market.
Gold prices in Pakistan are closely linked to trends in the international market and are influenced by changes in global bullion rates as well as movements in the rupee-dollar exchange rate. As a result, domestic prices often fluctuate in line with developments in overseas markets.
Bullion traders said the latest decline provides temporary relief for consumers and jewellery buyers who had seen prices surge over the previous two sessions. However, they noted that the precious metal is likely to remain volatile amid ongoing uncertainty in global financial markets and shifting expectations regarding interest rates and geopolitical developments.
Market analysts believe investors will continue to closely monitor international economic indicators and central bank policies, as these factors play a crucial role in determining the direction of gold prices. Any renewed geopolitical tensions or changes in global monetary policy could once again influence demand for gold as a traditional safe-haven asset.
Despite Tuesday’s decline, gold remains near historically elevated levels, reflecting continued uncertainty in the global economic outlook.
