Gold prices in Pakistan declined slightly on Saturday after several sessions of gains, with the precious metal losing Rs500 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 24-karat gold fell to Rs459,936 per tola from Rs460,436 in the previous session. The price of 10 grams of 24-karat gold also declined by Rs429 to Rs394,320.
The latest drop followed a Rs3,500 decline earlier in the week, when gold had settled at Rs460,436 per tola. Despite the recent correction, domestic gold prices remain close to the Rs460,000-per-tola mark.
Global Gold Prices
In the international market, gold slipped by $5 to $4,375 per ounce. The decline came after international bullion prices had recently been supported by a weaker US dollar and changing expectations about US interest rates.
Reuters reported that gold had gained during the week as a softer US dollar and inflation data reduced expectations of a Federal Reserve rate hike. However, profit-taking and resistance around the $4,500 level have contributed to short-term volatility.
Silver Prices Rise
While gold prices moved lower, silver recorded an increase in Pakistan. The price of 24-karat silver rose by Rs13 per tola to Rs6,949, while 10 grams increased by Rs11 to Rs5,957. International silver was quoted at $64.70 per ounce, up $0.13.
Gold rates in Pakistan are influenced by international bullion prices as well as exchange-rate movements, making both global market trends and the rupee important factors for local buyers and investors.