Gold prices go down in Pakistan

Gold prices in Pakistan saw a notable decline on Monday, mirroring the decrease in international gold rates.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs1,300, settling at Rs277,500. Similarly, the price of 10-gram gold decreased by Rs1,115, now priced at Rs237,911.

This decrease follows a period of stability, as gold prices had remained unchanged on Saturday at Rs278,800 per tola.

Meanwhile, the international gold market also witnessed a dip, with the price of an ounce of gold falling by $13 to $2,670, with a $20 premium, as reported by the APGJSA.

Despite the decline in gold prices, silver prices in the local market remained unchanged at Rs3,300 per tola.

The recent drop in gold prices marks a shift from the recent high of Rs287,900 per tola recorded last month, which was driven by geopolitical tensions in the Middle East and growing uncertainty ahead of the upcoming U.S. presidential elections. The surge in demand for gold as a safe-haven asset had pushed prices to unprecedented levels.

Globally, gold prices showed little movement in early Asian trading on Monday, as investors awaited comments from Federal Reserve officials and upcoming economic data that could influence the outlook for U.S. interest rates.