Gold prices decline in local and international markets
Gold prices in Pakistan continued their downward trend on Saturday, aligning with a similar decline in international markets. The price of 24-karat gold per tola decreased by Rs300, settling at Rs274,400, while the price of 10 grams dropped by Rs257 to reach Rs235,254, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The decline follows a notable drop of Rs1,000 per tola in the local market on Friday, reflecting ongoing volatility. Friday’s decrease brought gold prices to Rs274,700 per tola and Rs235,511 per 10 grams.
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On the global front, gold prices also saw a modest drop on Saturday, with rates falling by $3 to $2,632 per ounce, including a $20 premium. The decline builds on Friday’s $10 drop, driven by strong US employment data, which weighed on gold prices.
Adnan Agar, Director of Interactive Commodities, attributed the recent dip to shifting consumer spending patterns amid the US holiday season. “Many buyers are capitalizing on price drops, with gold’s support level currently at $2,560, last seen in November 2023,” Agar explained.
Despite the fluctuations in gold prices, silver rates in Pakistan remained stable. The price of one tola of silver held steady at Rs3,400, while 10 grams of silver stood at Rs2,914.95.
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