Gold prices drop by Rs1,400 per tola in local market

Gold prices in Pakistan saw a significant drop on Monday, mirroring a decline in international bullion markets. As reported by the All Pakistan Sarafa Gems and Jewellers Association, the rate of 24-carat gold fell by Rs1,400 per tola, now priced at Rs444,900. 

Meanwhile, the price of 10 grams of 24-carat gold decreased by Rs1,200, settling at Rs381,430. The price of 10 grams of 22-carat gold also declined by Rs1,100, now available at Rs349,656.

Globally, gold prices slipped by $17, bringing the rate down to $4,235 per ounce. This decline reflects ongoing pressure from stronger global currencies and cautious investor sentiment.

Silver prices also declined slightly, mirroring the trend in the gold market. The rate for silver per tola dropped by Rs12, settling at Rs5,261, while the price for 10 grams decreased by Rs10 to Rs4,510.

On the international front, silver prices fell by $0.26, reaching $51.60 per ounce.

Experts attribute these shifts to ongoing volatility in the inter bank exchange rate and uncertainties in global demand, both of which continue to influence the prices of precious metals in Pakistan.

Investors are expected to keep a close eye on currency fluctuations and trends in the global gold market in the days ahead.