KARACHI: Gold prices recorded a modest decline in Pakistan on Saturday, with the domestic market following a slight downward movement in international bullion rates.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell by Rs500 per tola, bringing the price to Rs459,936 per tola.
The association reported a corresponding decline in the price of 10 grams of gold. The rate for 10 grams was reduced by Rs429, settling at Rs394,320.
The decrease in domestic gold prices came as international bullion rates also moved lower. In the global market, gold fell by $5 per ounce to $4,375 per ounce.
Market participants closely monitor international gold prices, currency movements and domestic demand when determining bullion rates in Pakistan. Changes in the international market can have a direct impact on local prices, particularly when combined with fluctuations in the exchange rate.
Gold remains a popular investment and savings instrument in Pakistan, where consumers and investors closely track daily changes in bullion prices. Jewellery demand, inflation expectations and movements in global financial markets can also influence local buying and selling activity.
The latest reduction, however, was relatively limited, indicating that the domestic bullion market remained broadly stable despite the decline in international prices.
