KARACHI: Gold prices declined sharply by Rs9,000 per tola in the local market on Tuesday, tracking losses in the international bullion market and extending the recent trend of volatility in precious metals.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold dropped to Rs514,762 per tola. Likewise, the rate for 10-grams of gold fell by Rs7,716 to Rs441,325.
In the global market, gold prices decreased by $90 per ounce, settling at $4,920. Local bullion dealers said domestic prices typically incorporate a premium of around $20 per ounce over international rates, reflecting exchange rate movements, import costs and local market conditions.
Traders attributed the decline to easing international prices and cautious investor sentiment, as markets continue to adjust after the sharp rallies and corrections witnessed in recent weeks. The pullback in global bullion reduced safe-haven demand, which had earlier driven prices to record highs.Silver prices also followed gold’s downward trajectory. The metal fell by Rs150 to Rs8,014 per tola, while the 10-gram silver rate declined by Rs129 to Rs6,870.
