KARACHI: Gold prices in Pakistan recorded a modest decline on Tuesday, with the price of one tola of 24-karat gold falling by Rs1,000.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of one tola of gold decreased from Rs463,136 to Rs462,136. ProPakistani+1
The price of 10 grams of gold also declined by Rs857, reaching Rs396,207.
The reduction in domestic gold prices followed a decline in international bullion prices. Gold in the international market fell by $10 to $4,396 per ounce, according to the reported market rates. ProPakistani
The latest decline extends the recent downward movement in Pakistan’s gold market. On the previous trading day, gold had fallen by Rs2,400 per tola to Rs463,136.
Despite the latest reduction, gold prices remain at historically elevated levels in the local market. The relatively small decline indicates that prices continue to be influenced by movements in international bullion markets and exchange-rate conditions.
International Market Pressure
Gold prices also edged lower in international trading on Tuesday. Reuters reported that spot gold was trading slightly lower as investors assessed inflation concerns and awaited key US economic data that could influence expectations for Federal Reserve monetary policy. Reuters
Higher oil prices and renewed geopolitical tensions have contributed to concerns about inflation, while expectations surrounding US interest rates remain an important factor for global gold prices.
Gold typically attracts investor interest during periods of economic and geopolitical uncertainty, but expectations of higher interest rates can put pressure on the precious metal because it does not generate interest income.
The latest international decline was reflected in Pakistan’s bullion market, where the 24-karat gold rate dropped by Rs1,000 per tola.
Current Gold Rates
According to the reported APGJSA rates:
- 24-karat gold: Rs462,136 per tola
- 24-karat gold: Rs396,207 per 10 grams
- International gold: $4,396 per ounce
The gold market remains sensitive to international price movements, currency fluctuations and developments in global monetary policy. Further changes in international bullion prices could therefore influence domestic rates in the coming sessions. Sources
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