ISLAMABAD: Gold prices fell further in Pakistan on Monday, with the per-tola rate declining by Rs2,400 as international bullion prices also recorded a significant drop, providing some relief to consumers and investors after recent price increases.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold declined to Rs463,136 per tola, compared with Rs465,536 recorded on Saturday. The latest decline followed a Rs3,600 per tola reduction in the previous session.
The price of 24-karat gold per 10 grams also decreased by Rs2,058, bringing the new rate down to Rs397,064. The decline reflects the continued impact of movements in the international bullion market on domestic gold prices.
In the international bullion market, gold prices fell by $24 per ounce to $4,406, according to the association. The global decline has directly influenced local rates, with investors closely monitoring developments in international financial markets and expectations surrounding US monetary policy.
The latest international weakness came as stronger US employment data reinforced expectations of a possible Federal Reserve interest rate hike at its September 16 meeting. Higher interest rates and rising bond yields generally reduce the attractiveness of non-yielding assets such as gold, putting pressure on bullion prices.
The continued decline has brought some relief to Pakistani buyers, although gold remains at historically elevated levels. The domestic market has witnessed considerable volatility in recent weeks as international bullion prices, currency movements and investor sentiment continue to influence local rates.
Meanwhile, silver prices also moved lower in the domestic market. The price of silver declined by Rs39 per tola to Rs7,059, while the price of 10 grams fell by Rs34 to Rs6,051.
Internationally, silver also recorded a decline of $0.39 per ounce, settling at $65.80.
Market participants are now expected to closely watch upcoming US inflation data and further signals from the Federal Reserve, which could determine the direction of global bullion prices in the coming sessions.
For Pakistani consumers and investors, the immediate direction of gold prices will remain closely linked to international bullion trends, the rupee-dollar exchange rate and developments in global financial markets.
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