ISLAMABAD: A downward trend continued for the second consecutive day in the local market for gold and silver.
According to the All Sarafa Association, the price of 24-carat gold per tola dropped by Rs 600, reaching Rs 466,162, while the rate for 10 grams of gold fell by Rs 515 to Rs 399,658.
Meanwhile, the price of silver per tola decreased by Rs 236, settling at Rs 8,125.
In the global market, gold also saw a decline, falling by $6 to $4,438 per ounce.
This reflects a general softening in both local and international precious metal prices.
The prices of gold and silver in Pakistan are influenced by a combination of local and global market factors.
Globally, the cost of precious metals is affected by international demand and supply, currency fluctuations, geopolitical tensions, and economic indicators such as inflation, interest rates, and central bank policies.
Changes in the US dollar value also play a significant role, as gold and silver are globally traded in dollars, impacting local conversion rates.
Locally, prices are further shaped by domestic demand, currency strength, import duties, taxes, and policies affecting the jewellery and bullion market.
Seasonal trends, festivals, and investor behavior in Pakistan can create short-term fluctuations, while smuggling or limited supply may also influence market rates.
Overall, both global trends and domestic economic conditions work together to determine the daily prices of gold and silver in Pakistan.
