KARACHI (MNN); Gold prices in Pakistan declined on Saturday, reversing the previous day’s sharp gains as the local bullion market tracked a downward trend in international gold prices.
According to rates issued by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola fell by Rs1,100, settling at Rs439,836.
Similarly, the price of 10 grams of 24-karat gold decreased by Rs943, closing at Rs377,088.
The decline comes a day after gold registered a significant increase of Rs12,200 per tola, reaching Rs440,936, one of the highest levels recorded in the domestic market.
In the international bullion market, gold prices also moved lower, with the price per ounce declining by $11 to $4,174, including a premium of $20.
Silver prices also witnessed a downward trend. The price of silver per tola dropped by Rs48, closing at Rs6,716 in the local market.
Market analysts attributed the decline in domestic gold prices to fluctuations in global bullion markets, which continue to influence local precious metal rates.