Key Points
- Gold prices in Pakistan fall sharply in line with global market losses.
- Per tola rate drops by Rs 21,500 in a single session.
- International bullion declines by $215 per ounce amid global selling pressure.
ISLAMABAD: Gold prices in Pakistan registered a steep decline on Monday and closed below the psychological mark of Rs 500,000 per tola, tracking a sharp downturn in the international bullion market.
According to rates released by the All Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola fell by Rs 21,500 to settle at Rs 490,362 in the local market. The 10 grams of gold also declined by Rs 18,433 to Rs 420,406.
The sharp fall followed losses in the global market, where gold prices dropped by $215 to $4,676 per ounce, inclusive of a $20 premium.
The latest decline comes after heightened volatility in recent sessions. On Saturday, the price of gold per tola had already fallen by Rs 25,500 to close at Rs 511,862, reflecting sustained pressure from international markets.
Market participants said local prices largely mirrored movements in global bullion, as investors adjusted positions amid changing expectations about global interest rates, currency movements and safe-haven demand.
Meanwhile, silver prices also moved lower. Silver per tola declined by Rs 601 to Rs 8,405, according to the association.
Traders said precious metal prices are likely to remain volatile in the near term, driven by developments in international financial markets and shifts in investor sentiment.
