Gold prices recorded a notable decline across Pakistan on Friday, with the price of per tola gold falling by more than Rs2,000 amid changes in international bullion markets.
According to the All Pakistan Gems and Jewellers Association, the price of one tola of gold decreased by Rs2,200, bringing the new rate down to Rs473,162 nationwide.
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The association stated that the price of 10 grams of gold also witnessed a decline of Rs1,886, settling at Rs405,660 after the latest reduction in local markets.
Jewellers and market analysts linked the decline in domestic gold prices to fluctuations in the international bullion market, where gold rates also moved downward during the trading session.
In the global market, the price of gold fell by $22 per ounce, reaching $4,508 per ounce. International price trends often directly influence local gold rates in Pakistan, along with currency exchange fluctuations and market demand.
Gold prices in Pakistan have remained volatile in recent months due to uncertainty in global financial markets, changing interest rate expectations, and geopolitical developments affecting investor sentiment worldwide.
Traders said the latest decrease brought some relief to consumers and investors after a prolonged period of high prices in the local bullion market. However, they noted that gold prices could continue to fluctuate depending on movements in the international market and economic conditions globally.
Gold is widely viewed as a safe-haven investment during periods of economic uncertainty and inflation, leading to frequent changes in demand and pricing patterns.
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Market observers said investors and buyers are closely monitoring international trends, especially developments in major economies and commodity markets, which continue to impact bullion prices internationally and locally.
The association said updated rates are issued daily based on international market activity and local trading conditions.