Gold prices in Pakistan witnessed a decline on Monday, with the price of gold falling by Rs 600 per tola due to bearish trend in international markets.
The decline has brought some relief to local buyers and investors who closely monitor gold prices in Pakistan for market signals and investment decisions.
24 carat gold price settled at Rs 272,600 per tola in the local market, down from the previous close of Rs 273,200. It is noteworthy that the price of gold per tola was recorded at Rs 287,900 in Pakistan on October 30, 2024.
Similarly, the price of 24 karat gold per 10 grams decreased by Rs 514 to close at Rs 233,711 as against Rs 234,225 in the local market earlier. This decline has made gold a bit more affordable for buyers, especially in markets like Pakistan where gold is a traditional store of value and investment option.
Bullion market experts have attributed the drop in gold prices in Pakistan to the $6 drop in international gold prices. Globally, the price of gold rose to $2,614 per ounce, which closed at $2,620 yesterday. This international downturn has directly affected the domestic market, highlighting the correlation of gold prices in Pakistan with global market dynamics.