KARACHI: Gold prices continued their downward trend in Pakistan on Monday, with the price of one tola of gold falling by Rs1,800 in the local bullion market.
The decline follows a sharp drop recorded on the last trading day of the previous week, when the price of one tola of gold fell by Rs15,100.
Following the latest decrease, the price of one tola of gold fell to Rs466,136.
Meanwhile, the price of 10 grams of gold also declined by Rs1,543 to Rs399,636.
Gold prices in the local market are influenced by several factors, including movements in international gold prices, changes in the value of the US dollar, expectations about interest rates and investor sentiment.
Consequently, even small movements in global gold prices can quickly affect bullion markets in Pakistan and other countries.
According to bullion dealers, gold prices in the local market could decline further if international prices continue to fall. However, renewed economic or geopolitical uncertainty could push gold prices higher again.
