According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold has fallen to Rs438,136 after the latest decline.
The price of 10 grams of gold also decreased by Rs10,973, bringing the new rate to Rs375,631.
Gold prices also declined significantly in the international market. The price of gold fell by $128 per ounce to $4,156 per ounce.
Market sources said expectations surrounding US interest rates are among the key factors affecting gold prices globally. Changes in expectations about interest rates can influence demand for gold as investors adjust their investment decisions according to global financial conditions.
Changes in international gold prices also affect Pakistan’s local bullion market. Gold rates in the country fluctuate according to global prices, the value of the Pakistani rupee against the US dollar and other market factors.
The latest decline comes after gold prices remained volatile in Pakistan in recent days. On September 26, the price of one tola of gold had also fallen by Rs2,100.
Amid continued fluctuations in gold prices, jewellery buyers and investors are closely monitoring global market conditions and the price trend in the coming days.
Gold prices can also be affected by changes in the local currency, supply and demand, meaning significant daily fluctuations can occur.
