Domestic gold rates decline as international bullion markets face sustained pressure and profit-taking after recent highs.
KARACHI: Gold prices in Pakistan fell on Monday, tracking a decline in international bullion markets, according to local market data. The price of 24-karat gold dropped by Rs.1,600 per tola to Rs.495,362, extending a downward trend seen earlier in the week and reflecting continued weakness in global precious metals sentiment.
The price of 10 grams of gold also fell by Rs.1,371 to Rs.424,693, highlighting ongoing volatility in the domestic market and alignment with softer international signals influencing local trading activity.
In global markets, gold slipped by $16 per ounce to $4,730 on the first trading day of the week amid broader uncertainty. The decline followed losses recorded in the previous session, suggesting sustained pressure on bullion prices across major trading hubs.
Analysts said the downturn was driven by fluctuating global demand and profit-taking after recent record or near-record levels. They added that bullion markets typically undergo corrections after sharp rallies, resulting in short-term price adjustments and cautious investor behavior.
Silver prices also eased in domestic trading, mirroring international trends, although detailed local figures were not immediately available at the time of reporting. Market sentiment remained subdued across precious metals.
Traders in Karachi reported cautious buying activity as investors awaited clearer price direction in global markets. Despite short-term weakness, analysts maintained that gold continues to hold long-term appeal as a hedge against inflation and economic uncertainty in emerging markets.
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