Gold Prices Continue Downward Trend Across Global Markets
Gold and silver prices witnessed a decline in both international and domestic markets on Saturday, reflecting continued volatility driven by global economic and geopolitical developments.
In the international bullion market, gold prices fell by $6 per ounce, settling at $4,539 per ounce. According to the All Pakistan Gems and Jewellers Sarafa Association, the downward trend was also
observed in Pakistan’s local market.
The price of gold per tola dropped by Rs600, bringing it down to Rs476,262, while the price of 10 grams of gold decreased by Rs515 to Rs408,317. Similarly, silver prices also recorded a notable decline, with per tola silver falling by Rs159 to Rs8,073, and the rate for 10 grams decreasing by Rs136 to Rs6,921.
The decline follows a significant drop a day earlier, when gold prices in the global market fell sharply by $155 per ounce to $4,545. In Pakistan, this led to a steep decrease of Rs15,500 per tola, bringing gold prices down to Rs476,862, while 10 grams of gold fell by Rs13,289 to Rs408,832. Silver prices also mirrored this trend, with per tola rates dropping by Rs972 and 10 grams by Rs833.
Earlier in the week, gold prices had shown mixed movement. On Thursday, rates edged higher in the local market, with gold per tola rising by Rs1,000 to Rs492,362, tracking stability in international bullion prices. However, this upward trend proved short-lived as markets reacted to shifting global cues.
Analysts attribute the fluctuations in gold and silver prices to factors including movements in the US dollar, investor sentiment, and ongoing geopolitical tensions involving major global players. A slight rise in the US dollar index also made dollar-denominated commodities like gold more expensive for international buyers, limiting upward momentum.
Overall, the bullion market remains highly sensitive to global developments, with prices expected to continue fluctuating in the coming days based on economic indicators and geopolitical conditions.