Gold prices fell significantly on Monday in both international and domestic markets. The decline followed a $36 drop in the global bullion rate, bringing the price per ounce down to $3,361. The fall had a direct impact on local rates across Pakistan.
In the local market, 24-karat gold saw a sharp decline of Rs 3,600 per tola, bringing the new rate to Rs 358,800. Similarly, the price of 10 grams of gold dropped by Rs 3,086, now standing at Rs 307,613. This marks one of the more notable single-day drops in recent weeks.
Silver prices also declined across the board. The per tola rate of silver fell by Rs 51 to Rs 4,013. The price of 10 grams of silver decreased by Rs 44, now standing at Rs 3,440. This drop mirrors the broader trend seen in the international metals market.
Globally, spot gold was down 1.1%, trading at $3,362.21 per ounce as of 0839 GMT. This followed a brief surge to its highest point since July 23. Spot silver also fell 1.1% to $37.89 per ounce. Meanwhile, platinum dropped 1.3% to $1,314.73, while palladium saw a slight gain of 0.4%, rising to $1,131.55.
Experts suggest that the drop is linked to profit-taking after recent gains and shifts in global economic sentiment. Investors are now closely watching U.S. inflation data and potential interest rate changes, which may further influence precious metal prices in the coming days.