Local market sees a decline of over Rs6,000 per tola as global rates fall
KARACHI – Gold prices in Pakistan dropped for the second consecutive day, bringing relief to potential buyers as rates fell by thousands of rupees. According to the All Pakistan Gems and Jewellers Association, the price of gold declined by Rs6,700 per tola, bringing the new rate down to Rs335,200. The 10-gram price also dropped significantly by Rs5,745, now standing at Rs287,379.
This drop follows a downward trend in the international market, where gold prices decreased by $67 per ounce, settling at $3,168 per ounce.
Industry experts believe the drop is influenced by global market movements and a stronger US dollar. They also note that local demand has remained relatively steady, adding to price corrections.
Just a day earlier, gold prices had also fallen, marking back-to-back declines and suggesting a possible shift in short-term investor sentiment both locally and globally.
Jewellers expect prices to stay volatile due to fluctuations in the international market. Buyers are advised to monitor rates closely as this may be a good opportunity for gold investment or purchasing ahead of the wedding season.