Web Desk: Gold prices extended their decline in Pakistan on Saturday, falling for a fifth consecutive session and reaching their lowest level in five months as a broader retreat in international bullion markets weighed on domestic rates.
The latest drop pushed local gold prices further away from recent record highs, while international prices slipped below the closely watched $4,000-per-ounce mark.
According to the All Pakistan Sarafa Association, the price of 24-karat gold fell by Rs2,500 per tola to Rs422,036.
The price of 10 grams of gold also declined by Rs2,144, bringing the new rate to Rs361,686.
The continued slide has added to a string of daily losses in the domestic bullion market, with local prices moving broadly in line with the downturn in international gold prices.
Gold remains a closely watched asset in Pakistan, where changes in international bullion prices and currency movements can quickly influence domestic rates.
Silver prices followed gold’s downward trend, although the decline was comparatively modest.
The price of silver fell by Rs7 per tola to Rs5,858 in the local market.
The decline came as precious metals broadly remained under pressure amid the ongoing weakness in international bullion prices.
In international markets, gold prices fell by $25 per ounce to $3,995.
The latest decline took gold below the psychologically important $4,000 level, adding to pressure on the precious metal after several sessions of losses.
The international benchmark has now moved sharply lower from its recent elevated levels, with investors closely watching the next direction of prices.
The latest decline marks the fifth consecutive session in which gold prices have fallen.
The sustained weakness has pushed the precious metal to a five-month low and signals a notable reversal from the strong gains recorded earlier in the year.
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