Gold prices extended their losses in Pakistan on Monday, tracking a sharp decline in international bullion markets. According to market rates, the price of 24-karat gold per tola dropped by Rs3,094, settling at Rs452,233. Meanwhile, the price of 10 grams of gold decreased by Rs2,785 to Rs386,987.
The downward trend was also reflected in the international market, where gold lost $90.34 per ounce, bringing the global rate down to $4,297. Silver prices followed a similar pattern in the local market. The per tola rate declined by Rs94 to Rs7,173, while the price of 10 grams of silver settled at Rs6,116.
Previous Session Losses
The latest decrease comes after a significant fall in the previous trading session, when gold prices plunged by Rs12,489 per tola to close at Rs455,327. This consecutive decline highlights the ongoing volatility in precious metals markets, influenced by global economic factors and investor sentiment.
Market analysts suggest that the strengthening of the US dollar and expectations of tighter monetary policy by central banks are key factors driving gold prices lower. Investors are advised to monitor international trends closely, as local prices often mirror global movements.
Silver, often considered a more volatile precious metal, has also been under pressure. The decline in silver prices could impact industrial demand, as the metal is widely used in electronics and solar panels. However, some analysts see the current dip as a potential buying opportunity for long-term investors.
