ISLAMABAD: Gold prices in Pakistan fell sharply on Tuesday, tracking a decline in the international market, according to the All Pakistan Gems and Jewellers Association.
The price of gold per tola dropped by Rs3,000 to Rs437,836 in the local market. Similarly, the price of 10 grams of gold fell by Rs2,572 to Rs375,373.
Silver prices also declined, with the rate per tola falling by Rs172 to Rs6,360.
In the international market, gold prices dropped by $30 per ounce to $4,153, putting further downward pressure on local rates.
Gold prices had also declined in Pakistan on the previous trading day, with the per-tola rate falling by Rs900 and the price of 10 grams dropping by Rs771.
Gold prices fluctuate in response to several factors, including movements in the US dollar, global economic uncertainty, geopolitical tensions and investor sentiment.
Gold is often considered a safe-haven asset during periods of economic and political uncertainty. Increased demand during such periods can push prices higher, while easing concerns may put downward pressure on the precious metal.
In Pakistan, local gold prices are influenced not only by international market rates but also by the rupee-dollar exchange rate.
