ISLAMABAD: The downward trend in gold prices in Pakistan persisted on Monday as the local sarafa markets recorded another major decline.
According to data from the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola decreased by Rs 1,800 today. Following this drop, the new rate of gold per tola stands at Rs 466,136.
The decline comes a day after a sharp fall on the last trading day of the business week, when gold prices plunged by Rs 15,100 per tola in the local market. The back-to-back decreases have brought significant relief to buyers after weeks of record-high rates.
Market analysts attribute the continued fall to a decline in international gold rates, along with reduced buying activity in local markets amid improved supply.
On a 10-gram basis, gold also became cheaper by Rs 1,543. After the latest revision, the price of 10 grams of gold now stands at Rs 399,608, compared to Rs 401,151 recorded in the previous session.
Bullion traders said that if the international market remains under pressure, domestic prices may see further correction in the coming days. However, they added that fluctuations in the dollar rate and local demand could also influence future trends. The consistent drop over the last two sessions has reversed part of the massive rally seen earlier this month, when gold had touched historic highs.
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