Gold prices fell further in both international and local markets, with the global price of the precious metal declining by $18 per ounce and domestic bullion rates also registering a significant reduction.
According to market data, the international price of gold decreased by $18 per ounce to $4,322, putting renewed downward pressure on domestic gold prices in Pakistan.
Following the decline in the international market, the price of gold in Pakistan fell by Rs1,800 per tola, while the price of 10 grams of gold decreased by Rs1,543.
After the latest adjustment, the price of gold stood at Rs455,736 per tola in local bullion markets, compared with the previous rate.
The price of 10 grams of gold also declined to Rs390,720 following the latest reduction.
The latest movement reflects the close link between domestic bullion prices and international gold prices, with changes in global rates feeding into local market prices.
The $18-per-ounce decline in the international market translated into a corresponding reduction in Pakistan’s local bullion rates, providing some relief to buyers facing historically elevated gold prices.
Despite the latest decline, gold remains at a very high level in the domestic market, with the per-tola price still above Rs455,000.
The reduction could provide some relief to consumers planning to purchase gold jewellery or bullion, although the overall price remains significantly elevated.
Market participants will continue to monitor international gold prices for further movements, as changes in global bullion rates can influence domestic prices in Pakistan.
With the latest revision, the international price of gold stands at $4,322 per ounce, while the local price is Rs455,736 per tola and Rs390,720 per 10 grams.