Gold prices continued their downward trend for the second straight day, both in Pakistan and globally. In the local market, the price of one tola of gold dropped by Rs1,000, now standing at Rs361,300. The price of 10 grams also saw a reduction of Rs857, bringing it down to Rs309,756.
The decline is largely attributed to weakening global prices, which have exerted downward pressure on local rates. Market analysts and investors cite international fluctuations as the main reason behind the continued drop.
As of 10:46 GMT, spot gold had risen slightly by 0.4% to $3,395.46 per ounce, while U.S. gold futures slipped by 0.1% to $3,414.40 per ounce.
Other precious metals showed gains:
- Spot silver climbed 1.7% to $36.96 per ounce
- Platinum rose 1.4% to $1,264.31
- Palladium edged up 0.1% to $1,030.55
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), gold prices had already declined by Rs700 per tola the previous day, closing at Rs362,300. The price of 10 grams had also fallen by Rs600 to Rs310,613.
The recent international drop of $18 per ounce further contributed to the local downturn, with the global gold rate last reported at $3,414 per ounce.
