Gold Prices Decline for Second Consecutive Day
Gold prices in Pakistan continued their downward trajectory on Tuesday, mirroring fresh declines in international bullion markets, according to the All Pakistan Sarafa Gems and Jewellers Association. The association reported that the price of 24-karat gold per tola fell by Rs4,100 to settle at Rs424,836. Meanwhile, the rate for 10 grams of gold declined by Rs3,515, closing at Rs364,228.
Global Gold Prices Fall $41
The domestic decline followed a drop in global bullion prices, where gold lost $41 per ounce to trade at $4,024, putting additional pressure on local market rates. The latest decrease comes a day after gold prices also moved lower, when the per tola rate declined by Rs2,300, reflecting continued volatility in the international precious metals market.
Market Analysis and Outlook
Market analysts said fluctuations in global bullion prices remain the key factor influencing domestic gold rates. The precious metal has seen significant swings in recent weeks due to macroeconomic factors and investor sentiment. Weather alerts also noted that rain and windstorms are likely in upper parts of the country from Wednesday evening as heat and humidity persist.
