Pakistan sees slight relief as gold price drops per tola

WEB DESK: Pakistan sees slight relief as gold prices drop per tola, driven by a fresh downturn in the global market that eased pressure on local bullion rates.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs2,400, bringing the new rate to Rs437,436. Similarly, the price of 10 grams of gold decreased by Rs2,058 to Rs375,030.

The drop comes in line with a decline in global gold prices, which also impacted the local bullion market.

Gold prices in Pakistan decreased on Saturday in line with their loss in the international market. In the local market, the gold price per tola reached Rs439,836 after a decline of Rs1,100 during the day.

Similarly, 10-gram gold was sold at Rs377,088 after it fell by Rs943, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, the gold price per tola reached Rs440,936 after a gain of Rs12,200 during the day.

According to market experts, the fall has temporarily reversed the recent upward trend, while fluctuations in global economic conditions, the US dollar, central bank policies, and investor sentiment continue to influence gold rates in Pakistan.

Analysts warn that prices may fluctuate further in the coming days, depending on global market trends and geopolitical developments, while jewellery traders expect a rise in buying activity ahead of the wedding season due to the recent price cut.