PESHAWAR: Gold prices continued to decline in both global and local markets on Tuesday, with the rate of gold in Pakistan falling by Rs 800 per tola.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs 800 to settle at Rs 465,336. The price of 10 grams of gold decreased by Rs 686 and was recorded at Rs 398,950. Silver prices also witnessed a decline. The rate of 24-karat silver per tola fell by Rs 50 to Rs 7,129, while the price of 10 grams of silver dropped by Rs 43 to Rs 6,111.
In the global market, gold fell by $8 per ounce to trade at $4,428 per ounce. Silver also dropped by 50 cents and was recorded at $66.50 per ounce. It is worth noting that gold prices had already fallen by Rs 1,800 per tola a day earlier. The back-to-back decline has provided some relief to buyers in the local market.
Fluctuations in the international gold market, changes in the value of the US dollar, expectations regarding interest rates, and investor sentiment all impact the local sarafa market in Pakistan.
Even a small change in global prices can immediately affect local rates. Sarafa dealers added that if international gold prices fall further, gold rates in Pakistan are also likely to decline further in the coming days.
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