Gold price in Pakistan takes steep downward turn

ISLAMABAD: The price of gold in Pakistan has resumed its downward trend on Tuesday after maintaining an upward trajectory for over a week, in line with international market trends.

According to the All Pakistan Sarafa Gems and Jewellers Association, the gold rate in the local market dropped sharply on Monday, with the per tola rate falling by Rs1,500.

Following the sharp decline, gold was sold at Rs358,000 per tola.

Similarly, the price of 10 grams of 24-karat gold also fell by Rs1,286, now standing at Rs306,927.

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The dip comes amid fluctuating trends in global bullion markets and cautious investor sentiment in the domestic market.

Upward trend in gold price

Excluding today, the gold rate in Pakistan had been climbing steadily for several days after remaining on a downward trend for weeks.

Even yesterday, this upward trajectory continued, with the per tola rate in the local market increasing by Rs500.

The price of 24-karat gold rose to Rs359,500 per tola, while the price of 10 grams of 24-karat gold climbed by Rs429 to Rs308,213. Meanwhile, 10 grams of 22-karat gold were being sold at Rs282,529.

As part of this upward trend, the gold price in Pakistan witnessed a significant surge on August 1, when the per tola price rose by Rs6,100 to reach Rs359,000. The price of 10 grams of 24-karat gold also increased by Rs5,229, reaching Rs307,784.

Web Desk