Local bullion rates decline by Rs1,500 per tola as international gold prices drop by $15 to settle at $4,083 per ounce.

KARACHI: Gold prices in Pakistan declined on Tuesday, with 24-karat gold closing at Rs430,836 per tola, according to the All Pakistan Gems and Jewellers Association.

The price of 24-karat gold per tola fell by Rs1,500 compared with the previous day’s closing rate of Rs432,336 in local bullion markets.

Similarly, the price of 24-karat gold per 10 grams decreased by Rs1,286 to settle at Rs369,372, down from Rs370,658 recorded in the previous session.

Bullion market experts attributed the decline in domestic gold prices to easing trends in international markets. However, persistent concerns over global inflation continued to keep gold prices volatile.

In the international market, gold prices dropped by $15 per ounce to close at $4,083, compared with the previous session’s closing price of $4,098.

The movement in international bullion prices remains a key factor influencing domestic gold rates in Pakistan, alongside exchange rate fluctuations and local market conditions.

Investors and jewellery buyers continue to monitor global economic developments, particularly inflation trends, as these influence demand for gold as a traditional safe-haven asset.

The association said that the exchange rates for international gold in local markets are based on the interbank foreign exchange rates released by the State Bank of Pakistan.