Gold softens in Pakistan amid surge in global markets

Gold softens in Pakistan amid surge in global markets

Gold prices in Pakistan experienced a decline on Tuesday, despite witnessing a surge in global markets. The price of 24 karat gold per tola softened by Rs100 to reach Rs237,200 in the domestic market.

Similarly, the price of 24 karat gold per 10 grams recorded a decline of Rs85, closing at Rs203,361. The price of 22 karat gold per 10 grams ended at Rs184,414.

READ MORE: Gold rises by Rs2,000 per tola in Pakistan despite fall in International markets

It is worth mentioning that local gold prices saw a slide, even though the value of the Pakistani Rupee (PKR) depreciated for the fifth consecutive day, closing at PKR 287.15 against the US dollar in the interbank foreign exchange market.

In contrast, international gold prices slipped by $13, ending at $1,959 per ounce.

READ MORE: Gold rates surge in Pakistan amidst global market upward trend

On the other hand, the price of 24 karat silver per tola remained unchanged at Rs2,900, while the price of 24 karat silver per 10 grams also ended without any change at Rs2,486.28. The international silver prices concluded at $23.22 per ounce.

READ MORE: Gold prices soften in Pakistan as global markets witness decline

The softening of gold prices in Pakistan, despite global market trends, reflects the complex dynamics of the precious metals market. Investors and traders will continue to monitor the fluctuations in gold and silver prices, considering both global and local factors, to make informed decisions.

READ MORE: Gold rates in Pakistan witness increase, defying international trends

Please note that the mentioned prices are based on the information available at the time of writing and may be subject to fluctuations in the market.