ISLAMABAD: Gold prices declined sharply in Pakistan on Monday, with the price of 24-karat gold falling by Rs1,800 per tola, while silver prices moved higher amid mixed trends in the local and international precious metals markets.
According to the All Pakistan Sarafa Association, the price of 24-karat gold dropped from the previous level by Rs1,800 to Rs466,136 per tola.
The price of 10 grams of 24-karat gold also declined by Rs1,543, reaching Rs399,636.
The downward movement in the domestic gold market was in line with the trend in international markets, where gold prices also recorded a decline.
In the international market, the price of gold fell by $18 per ounce to $4,436.
The latest decline comes as gold prices remain at elevated levels despite the day’s downward movement, keeping the precious metal significantly expensive for consumers and investors compared with previous levels.
Meanwhile, silver moved in the opposite direction in the domestic market.
The price of 24-karat silver increased by Rs67 per tola, reaching Rs7,179.
The contrasting movements in gold and silver prices have created a mixed picture for Pakistan’s precious metals market, with gold losing value while silver continued to strengthen.
Gold and silver prices in Pakistan are closely linked to international precious metal prices, while domestic rates are also influenced by currency movements and prevailing market conditions.
The latest figures therefore indicate a divergence between the two major precious metals, with international gold prices declining while domestic silver prices registered an increase.
For gold buyers, the Rs1,800-per-tola decline provides some relief, although the precious metal remains at a high price level. Meanwhile, the rise in silver prices increases the cost for consumers and investors seeking exposure to the lower-priced precious metal.
The latest rates underline continued volatility in precious metals markets, where relatively small movements in international prices can translate into significant changes in domestic rates.