KARACHI: The price of 24-karat gold dropped by Rs1,400 per tola on Monday, selling at Rs444,900, compared to Rs446,300 on the previous trading day, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The rate of 10 grams of 24-karat gold also fell by Rs1,200, settling at Rs381,430 against Rs382,630 previously. Similarly, 10 grams of 22-karat gold declined by Rs1,100, closing at Rs349,656 from Rs350,756.
In the global market, gold prices also registered a decline. The precious metal dropped by $17 per ounce, falling to $4,235 from $4,252. However, as of 0514 GMT, spot gold rebounded slightly by 0.3%, reaching $4,259.34 per ounce, while U.S. gold futures for December delivery rose 1.4% to $4,273 per ounce.
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Analysts attribute the recent fluctuation to shifting investor sentiment amid global economic uncertainty and profit-taking after record highs earlier this month.
Silver Prices Also Decline
Silver followed a similar downward trajectory. The price of 24-karat silver per tola fell by Rs12, reaching Rs5,261 from Rs5,273, while 10 grams of silver dropped by Rs10, settling at Rs4,510 from Rs4,520.
On the international front, silver prices declined by $0.26, standing at $51.60 per ounce. Despite the drop, spot silver recovered slightly later, rising 0.6% to $52.18 per ounce.
Last Friday, silver prices recorded their worst session since early April, falling 4.4% after hitting a record high of $54.47 earlier in the day.
Market observers expect continued volatility in both gold and silver prices as traders assess inflation data, currency trends, and U.S. Federal Reserve policy outlooks in the coming weeks.
