Gold Rate in Pakistan continued to decline on Tuesday, although the pace of the fall slowed significantly compared with the previous session. The 24-karat gold rate decreased by Rs800, closing at Rs437,336 per tola.
Follow Times of Karachi on Google News and add as a preferred Source on Google
The latest decline follows Monday’s Rs12,800 drop, with the smaller movement indicating that selling pressure has eased compared with the previous session.
The price of 24-karat gold decreased by Rs800 per tola on Tuesday.
For 10 grams, the 24-karat gold rate fell by Rs686 to Rs374,945. Meanwhile, the 22-karat gold rate declined by Rs628, reaching Rs343,712 per 10 grams.
The smaller declines across different gold categories indicate a relatively less volatile session compared with Monday’s sharp sell-off.
The decline in local gold prices was accompanied by a modest fall in international gold prices.
The international gold price decreased by $8 to $4,148 per ounce, compared with Monday’s much larger $128 decline. The smaller movement in global prices provided less downward pressure on the domestic bullion market.
Gold has declined substantially from its late-August peak of more than Rs483,000 per tola.
At Tuesday’s rate of Rs437,336, the precious metal is approximately Rs46,000 below its recent peak. However, gold remains above the July lows of around Rs421,000 per tola.
The recent slowdown in the pace of decline indicates that market conditions have become less volatile, although future movements will depend on international gold prices and exchange-rate conditions.
A day earlier, Gold rate in Pakistan fell sharply, with the 24-karat gold price declining by Rs12,800 per tola to close at Rs438,136.
The latest drop puts gold prices at their lowest level since July and reverses the recovery recorded in the previous trading session.
The 24-karat gold rate declined by Rs12,800 per tola during the session.
The gold rates are certified by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) and are based on interbank exchange rates for 999 purity (24-karat gold).
