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Sharp Decline in Domestic Bullion Market
Gold prices in Pakistan fell sharply on Saturday, with the price of one tola declining by Rs15,100 amid a steep drop in international bullion rates . According to the All Pakistan Sarafa Association, the price of one tola of gold fell to Rs467,936 from the previous rate, while the price of 10 grams of gold also declined by Rs12,946 to Rs401,179 .
Silver prices fell as well, with one tola becoming Rs397 cheaper to reach Rs7,112 .
International Market Impact
In the international market, gold fell by $151 per ounce** to **$4,454 . Gold prices had remained unchanged on Friday. Movements in international gold prices, fluctuations in the US dollar, expectations surrounding interest rates, and investor sentiment can all influence domestic bullion prices. Changes in global gold rates are generally reflected quickly in local markets, including Pakistan.
Market Outlook
Sarafa dealers said further declines in international gold prices could put additional downward pressure on domestic rates. However, they cautioned that renewed economic or political uncertainty could drive gold prices higher again.
