The price of gold witnessed a substantial decline in Pakistan on Tuesday, continuing a downward trend influenced by fluctuations in the international bullion market.
According to market reports, the price of gold per tola decreased by Rs4,100, settling at Rs274,300, while the price per 10 grams fell by Rs3,515, now standing at Rs235,168. This marked a significant change in the local gold market, which closely follows global price movements.
Global Influences on Gold Prices
In the international bullion market, the price of gold per ounce saw a sharp drop of $41, bringing it to $2,631. This decline in global gold prices directly impacted local markets, leading to reductions in the prices of gold in Pakistan.
Silver Prices Remain Steady
In contrast to gold, the price of silver remained unchanged in the local market. The price per tola of silver held steady at Rs3,400, while the price per 10 grams stayed at Rs2,914.95.
Recent Trends
This is the second consecutive day of notable price reductions in the gold market. On Monday, gold prices had already fallen by Rs4,300 per tola and Rs3,657 per 10 grams, reflecting ongoing volatility.
Market Outlook
The continued decline in gold prices is attributed to changing global market dynamics and investor sentiment. Analysts suggest that international developments, including currency fluctuations and geopolitical factors, are contributing to this trend.
The drop in gold prices could provide an opportunity for buyers, particularly those in Pakistan’s jewelry sector, as lower prices may stimulate demand. However, the ongoing volatility in the market warrants caution for investors and traders alike.
Stay tuned for further updates as the market reacts to these changing dynamics.
