Gold prices hit reverse gear - check new rates on September 23

Gold rates in Pakistan experienced a slight reduction on Monday, in line with the downward trend in the international market.

 According to the Sarafa association, the price of 24-karat gold per tola decreased by Rs600 to settle at Rs271,900, while the 10-gram gold price dropped by Rs471 to close at Rs233,110.

This decline follows a brief surge on Saturday, when gold prices reached Rs272,500 per tola after a single-day rise of Rs500. 

The 10-gram gold price had also jumped to Rs233,625 after a hike of Rs429.

The precious commodity's price had previously risen significantly on Friday, increasing by Rs3,500 to settle at Rs272,000 per tola. However, the international market's downward trend has now led to a correction in local prices.

Meanwhile, Gold imports have recorded an annual decline of 41.64%, according to official documents. In August, Pakistani importers brought in only 22 kilograms of gold.

The import bill for the 22 kilograms of gold amounted to $1.742 million. In comparison, 47 kilograms of gold were imported in August of the previous fiscal year, with a bill of $2.985 million.

On the other hand, the exchange rate for one US Dollar against Pakistani rupees was recorded at Rs 277.86 in the local and open market, with a selling rate of Rs 280.75.