Gold rates continue to plunge in Pakistan; check latest prices

Gold prices in Pakistan experienced a decline on Monday, with a drop of Rs900 per tola to Rs283,400. 

This adjustment follows a decrease in international gold rates. 

Similarly, the price for 10 grams of gold fell by Rs771 to Rs242,970, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The international market witnessed a decline of $9 per ounce, with gold priced at $2,739, accompanied by an additional premium of $20. In contrast, silver prices remained stable at Rs3,350 per tola.

The decrease in gold prices can be attributed to various factors, including global market fluctuations, shifts in investor sentiment, economic indicators.

Industry experts suggest that the decline in gold prices may be an opportunity for buyers, but caution against potential price volatility.

"Pakistan's gold market often mirrors international trends," said an APGJSA representative. "We anticipate continued fluctuations in the coming days."

Here's a comparison of gold prices in Pakistan:

Previous price: Rs284,300 per tola

Current price: Rs283,400 per tola

Decrease: Rs900 per tola

Globally, gold prices eased on Monday, weighed down by a firmer dollar and higher Treasury yields while traders await a slew of U.S. economic data for guidance on the U.S. Federal Reserve's interest rate stance.

Spot gold lost 0.6% to $2,731.79 an ounce. Bullion hit a record high of $2,758.37 last Wednesday, lifted by safe-haven demand in the face of market risks from continuing conflict in the Middle East and Ukraine.

U.S. gold futures declined 0.4% to $2,744.20.