Gold Prices Decline After Three Consecutive Days of Increases in Pakistan
KARACHI: Gold prices in Pakistan declined on Monday after rising for three consecutive days, bringing some relief to buyers in the local bullion market.
During the previous three business days, the price of gold had increased by Rs7,600 per tola.
According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs2,100 per tola on the first day of the business week, bringing the price of one tola to Rs439,936.
Similarly, the price of 10 grams of gold decreased by Rs1,800 to Rs377,174.
Gold prices in Pakistan are influenced by several domestic and international factors, including fluctuations in the US dollar, global economic uncertainty, geopolitical tensions and investor sentiment.
During periods of economic and political uncertainty, investors often consider gold a safe-haven asset. Increased demand under such circumstances can push international gold prices higher, while easing uncertainty may put downward pressure on prices.
In Pakistan, international gold prices and the exchange rate between the Pakistani rupee and the US dollar also play a significant role in determining rates in the local bullion market.
