According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold decreased by Rs3,800 per tola, bringing the price of one tola of gold down to Rs453,336.
Similarly, the price of 10 grams of gold fell by Rs3,258 to Rs388,662. In the international market, gold prices also declined by $38 per ounce to $4,308.
According to the jewellers’ association, major factors behind fluctuations in gold prices include changes in international gold prices, movements in the value of the US dollar, global economic uncertainty and geopolitical tensions.
During periods of economic and political uncertainty worldwide, investors often consider gold a safe-haven investment. An increase in uncertainty can boost demand for gold, directly affecting prices in both international and local markets.
Gold prices in Pakistan also continue to fluctuate due to changes in international gold prices, the value of the US dollar and global economic conditions.
It may be recalled that on Saturday, the price of gold in Pakistan had increased by Rs400 per tola, while the price of 10 grams had risen by Rs343.
