Gold prices fall in both international and local markets

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Gold prices witnessed a decline in both the global and local markets on Saturday.

In the international bullion market, the price of gold per ounce dropped by $3, settling at $2,632.

In local market, the price of 24-karat gold per tola fell by Rs300, bringing it down to Rs274,400. Similarly, the price of 10 grams of 24-karat gold decreased by Rs257, landing at Rs235,254.

Despite the decrease in gold prices, silver rates remained unchanged in the local market. The price of one tola of silver stood steady at Rs3400, while 10 grams of silver remained at Rs2914.95.

Previously Gold prices in Pakistan fell on Friday, mirroring a global decline in rates.

The price of gold per tola in the local market dropped by Rs1,000 to Rs274,700, while the price per 10 grams decreased by Rs857 to Rs235,511, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This follows a Rs500 increase per tola recorded on Thursday.

Internationally, gold prices also declined on Friday, with the rate falling $10 to $2,635 per ounce, including a $20 premium, as reported by APGJSA. Adnan Agar, Director of Interactive Commodities, attributed the Rs1,000 drop to strong US employment data, which typically weighs on gold prices.

He also noted that the upcoming US holiday season shifts consumer spending patterns. "Currently, people are eager to seize any buying opportunity during price dips," Agar said, adding that gold's lower support level is $2,560, last reached in November 2023.