Gold prices declined in both the international and domestic markets on Saturday after a two-day break, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). In the international bullion market, gold fell by $11 per ounce to $4,174. Reflecting this global trend, the local price of gold decreased by Rs1,100 per tola to Rs439,836. The price of 10 grams of gold also dropped by Rs943 to Rs377,088.
Silver Prices Also Decline
Silver prices followed a similar downward trajectory. The price of silver declined by Rs48 per tola to Rs6,716, while the price of 10 grams of silver fell by Rs42 to Rs5,757. The simultaneous drop in both precious metals indicates a broad-based correction in the bullion market.
Previous Day's Sharp Increase
The decline on Saturday comes a day after gold prices recorded a sharp increase in both international and local markets. On Friday, the international gold price surged by $122 per ounce to $4,185. According to the APGJSA, the local price of gold per tola increased by Rs12,200 to Rs440,936, while the price of 10 grams rose by Rs10,459 to Rs378,031. Silver also rallied, with the per tola price rising by Rs319 to Rs6,764, and 10 grams increasing by Rs274 to Rs5,799.
Earlier Weekly Trends
On Thursday, gold prices rose in global and local markets after five trading sessions, reaching a new high in the international bullion market. The international gold price increased by $91 per ounce to $4,063. Locally, the price of gold per tola rose by Rs9,100 to Rs428,736, while the price per 10 grams increased by Rs7,802 to Rs367,572. This marked a significant rebound after a period of decline.
On Wednesday, gold and silver prices had fallen in both international and domestic markets. The global gold price declined by $52 to $3,972 per ounce, reflecting profit-taking and market volatility. The local market mirrored this drop, with per tola gold falling by Rs5,700 to Rs419,636, and per 10 grams declining by Rs4,887 to Rs359,770.
Market Volatility and Outlook
The recent fluctuations in gold prices highlight the volatility in global bullion markets, driven by factors such as US dollar strength, geopolitical tensions, and changing investor sentiment. The APGJSA continues to monitor these trends closely, providing daily updates to the trade. Analysts suggest that gold may remain sensitive to economic data and central bank policies in the coming weeks.
