Bullion market saw gold prices extend their decline on Monday, with the yellow metal continuing its gradual slide from recent highs. The today gold rate in Karachi for 24-karat gold fell by Rs. 2,400, closing at Rs. 463,136.
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This marks the third consecutive session of losses for gold, as the market continues to consolidate after the explosive gains recorded in late August. The persistent selling pressure suggests investors are taking a cautious approach.
In grams, 24-karat gold decreased by Rs. 2,058 to Rs. 397,064, while 22-karat gold fell by Rs. 1,887 to Rs. 363,988. The steady declines across all variants indicate a consistent trend of profit-taking.
The drop was driven by ongoing weakness in global markets. The international gold price per ounce fell by $24 to $4,406, extending its retreat from recent highs. This continued global softness provides a bearish backdrop for local prices.
Despite the recent pullback, gold still remains above the July lows near Rs. 421,000, with gains of approximately Rs. 42,000 per tola still intact. However, the failure to hold above Rs. 465,000 raises questions about the strength of the recovery.
Last week, gold rates across Pakistan declined with bullion prices falling across all categories as international gold prices also dropped.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell by Rs. 3,600 to settle at Rs. 465,536.
The price of 24-karat gold per 10 grams also declined by Rs. 3,086 to Rs. 399,122.
All rates are officially certified by the All Pakistan Sarafa Gems and Jewellers Association, based on interbank exchange rates for purity 999 (24K).
