KEY POINTS
- 24-carat gold drops Rs 3,300 per tola to Rs 430,362
- 10-gram rate down Rs 2,829 to Rs 368,966, says APGJSA
- Global gold slips as dollar firms and yields rise
- Traders link local correction to stable rupee and softer import demand
ISLAMABAD: Gold prices in Pakistan declined sharply on Monday as international bullion rates weakened, with the 24-carat gold price falling by Rs 3,300 per tola to Rs 430,362, according to data released by the All Pakistan Gems and Jewellers Sarafah Association (APGJSA).
The 10-gram price also decreased by Rs 2,829 to Rs 368,966, while 22-carat gold traded at Rs 394,498 per tola. Silver prices remained steady at Rs 4,823 per tola and Rs 4,136 per 10 grams, the association said in its daily update.
Market participants attributed the decline to a combination of global and domestic factors. A senior jeweller at Karachi’s Sarafa Bazaar told UrduPoint that local rates followed the international downtrend after spot gold eased to around $4,070–$4,080 per ounce on Monday.
He added that “the rupee has remained relatively stable for several sessions and import premiums have softened, which has limited upside pressure on local bullion,” the jeweller told UrduPoint.
Global and domestic linkages
Internationally, gold retreated as the US dollar strengthened and Treasury yields climbed, reducing the metal’s appeal as a non-yielding asset, according to Reuters.
The global move reinforced a technical correction in regional markets, which in turn filtered through to domestic rates in Pakistan.
Outlook
Analysts expect gold prices to remain range-bound in the near term, fluctuating with global market sentiment and the rupee’s stability.
However, they cautioned that any renewed volatility in oil prices or geopolitical tensions could revive safe-haven demand.
