Domestic gold prices decline to Rs450,936 per tola as international bullion rates fall by $21 an ounce.

KARACHI: Gold prices in Pakistan declined by Rs2,100 per tola on Saturday, tracking a downward trend in international bullion markets.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold fell to Rs450,936 per tola, compared with the previous closing price of Rs453,036.

24-karat gold price falls

The price of 24-karat gold also declined in the smaller denomination, with the 10-gram rate falling by Rs1,800 to Rs386,604 from Rs388,404 recorded in the previous session.

The decline in local gold prices came as international bullion rates moved lower.

Market participants continue to monitor developments in global markets, particularly movements in international gold prices and geopolitical conditions, which can contribute to volatility in precious metals.

International gold price declines

In the international market, gold prices fell by $21 per ounce, closing at $4,284, compared with the previous session’s closing level of $4,305 per ounce.

The decline in international bullion prices was reflected in domestic gold rates, as Pakistan’s gold market remains closely linked to global bullion prices.

Global developments remain in focus

Gold prices have remained sensitive to developments in international markets, with geopolitical uncertainty and changes in investor sentiment influencing demand for the precious metal.

The latest decline follows a period in which gold prices remained at elevated levels amid uncertainty in global markets.

Market participants are expected to continue monitoring international bullion rates and geopolitical developments for further direction in domestic gold prices.

Changes in global gold prices are generally reflected in Pakistan’s local market valuations, alongside other factors affecting domestic bullion rates.