Gold prices in Pakistan saw a sharp decline for the second straight session on Monday, reflecting a global dip in the precious metals market.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell by Rs2,500, bringing it down to Rs353,000. Similarly, the price of 10 grams of gold dropped by Rs2,143, settling at Rs302,640.
The decline mirrors a global trend, where the international gold price saw a notable decrease of $25 per ounce, dropping to $3,310. Analysts link the fall to shifting investor sentiment, stronger currency markets, and speculation around interest rate movements by major central banks.
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Silver prices also declined in local markets. The price of 24-karat silver per tola dropped by Rs30 to Rs3,841, while the rate for 10 grams slid to Rs3,293.
Experts suggest that uncertainty in the global economy, along with profit-taking by investors, contributed to the downturn in gold prices. Market watchers expect continued volatility in the short term as traders closely monitor monetary policies and inflation figures.