Gold and silver prices continued their downward trend on Monday, falling for the third consecutive day in both international and local markets. Investors and traders are closely watching the declines, which have affected bullion rates across the globe and in Pakistan.
In the international market, gold prices dropped sharply by $215 per ounce, settling at $4,676. This marked a significant decline and added to the losses seen in previous days. The fall in global gold prices directly impacted the domestic market, causing rates in Pakistan to decrease as well.
Locally, the price of gold per tola fell by Rs. 21,500, bringing it down to Rs. 490,362. The rate for 10 grams of gold also decreased by Rs. 18,433, reaching Rs. 420,406. Silver prices followed the same trend, with per tola rates dropping by Rs. 601 to Rs. 8,504 and 10 grams falling by Rs. 516 to Rs. 7,205.
The decline is part of a wider trend that began earlier on Saturday, when gold prices had already experienced a major drop. On that day, the per tola rate of gold fell by Rs. 25,500 to Rs. 511,862, while 10 grams decreased by Rs. 21,862 to Rs. 438,839.
Market analysts attribute the ongoing slide to global market fluctuations, changes in international demand, and investor sentiment. The continued decrease in precious metal prices has affected buyers, sellers, and investors in Pakistan, prompting them to monitor the market closely.
With both gold and silver showing consecutive losses, experts advise caution for investors looking to buy or sell bullion, as prices may continue to fluctuate in response to global trends and economic factors.
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