Gold prices in Pakistan saw a major decline on Monday, dropping sharply by Rs. 3,500 per tola as international prices fell. According to market reports, the price of 24-karat gold now stands at Rs. 420,362 per tola, compared to Rs. 423,862 a day earlier.
Similarly, the price of 10 grams of gold has fallen by Rs. 3,001, bringing it down to Rs. 360,392. This sudden fall comes in line with the international gold market, where rates dropped by $35 per ounce, now trading at around $3,980.
Experts believe that the decline is mainly due to the strengthening of the US dollar and reduced investor demand in global markets. When the dollar becomes stronger, gold prices usually go down because investors turn toward other assets.
Local jewellers in Pakistan have noted that fewer people are currently buying gold, as most buyers are waiting for prices to stabilize before making new purchases. Despite the drop, gold remains one of the most preferred investment options in the country, especially among those seeking a haven against inflation and currency fluctuation.
Market analysts suggest that prices may continue to fluctuate in the coming days depending on international trends, economic data, and currency movements.
For now, the steep fall in gold rates has brought a brief moment of relief for potential buyers but caused concern among investors and traders in the bullion market.
