Gold rate in Pakistan declined on Monday, with the 24-karat gold rate falling by Rs. 2,700 per tola to close at Rs. 457,536, according to market data.
Follow Times of Karachi on Google News and add as a preferred Source on Google
The decline came after gold posted a strong recovery on Friday, highlighting continued volatility in the local bullion market. The latest movement also reflected weakness in international gold prices.
The price of 24-karat gold decreased by Rs. 2,700 per tola to Rs. 457,536. For 10 grams, the price of 24-karat gold fell by Rs. 2,315 to Rs. 392,263.
Meanwhile, 22-karat gold declined by Rs. 2,122 for 10 grams, reaching Rs. 359,587. The latest drop in Pakistan’s gold prices was accompanied by weakness in international markets.
The international gold price declined by $27 per ounce to $4,350, giving back part of Friday’s gains.
Movements in international gold prices, along with changes in exchange rates, can influence domestic bullion prices in Pakistan.
Despite Monday’s decline, gold prices remain significantly above the levels recorded earlier in the year. The metal has fallen by approximately Rs. 26,000 per tola from its late-August peak above Rs. 483,000.
Last week, gold prices in Pakistan recovered sharply on Friday after declining in the previous session, with the price of 24-karat gold increasing by Rs6,900 per tola to close at Rs460,336.
The price of 24-karat gold increased by Rs5,914 per 10 grams, reaching Rs394,663. Meanwhile, 22-karat gold rose by Rs5,423 per 10 grams to Rs361,787.
All rates are officially certified by the All Pakistan Sarafa Gems and Jewellers Association, based on interbank exchange rates for purity 999 (24K).
