Gold prices witnessed another sharp decline across Pakistan on Tuesday, with the per tola rate plunging by Rs12,627 to Rs442,436, following a steep fall in international bullion markets where gold lost more than 126 dollars per ounce.
Gold prices continued their downward trajectory in domestic and international markets, with investors witnessing another major decline in bullion rates amid sustained weakness in global markets.
According to market data, the international gold price fell by 126 dollars and 27 cents per ounce, bringing the precious metal’s value down to 4,200 dollars per ounce.
Reflecting the global trend, local bullion markets recorded a significant reduction in gold prices. The price of 24-karat gold per tola dropped by Rs12,627, settling at Rs442,436.
Similarly, the price of 10 grams of 24-karat gold declined by Rs11,364 to Rs378,170.
Silver prices also moved lower in the domestic market. The per tola silver price fell by Rs385 to Rs6,929, while the price of 10 grams of silver decreased by Rs352 to Rs5,893.
The latest decline comes after a series of sharp corrections in gold prices over recent trading sessions.
On June 6, international gold prices had dropped by 124 dollars per ounce, resulting in a reduction of Rs12,489 per tola in the local market. The first trading day of the current week also saw gold prices retreat, with international rates falling by 30.94 dollars per ounce and local prices declining by Rs3,094 per tola.
Market analysts attribute the continued weakness in bullion prices to developments in international financial markets, which have exerted pressure on safe-haven assets, including gold.
The latest drop has significantly reduced gold prices from their recent highs, providing some relief to prospective buyers while raising concerns among investors holding the precious metal.
