Karachi: Gold prices fell in both international and local markets on Saturday, following a modest decline in global bullion rates. The international bullion market recorded a drop of six dollars per ounce, bringing the new global price to 4,001 dollars.
Traders attributed the decline to easing demand and a stable U.S. dollar, which often puts downward pressure on precious metals.
Domestic Market Follows Global Trend
Tracking the global movement, gold prices in Pakistan also registered a decline. According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola fell by 600 rupees to 422,462 rupees.
Similarly, the price of 10 grams of gold dropped by 514 rupees, settling at 362,193 rupees. Local jewellers said that the downward adjustment was largely driven by reduced buying interest in the domestic market amid recent fluctuations in international rates.
Previous Session Remained Stable
A day earlier, both international and domestic gold markets remained steady, with no significant change in prices. However, traders noted that weekend corrections are common as global investors balance portfolios and assess central bank policy cues.
Market Outlook
Analysts expect short-term volatility in gold prices to continue, influenced by upcoming economic data and interest rate expectations from major economies. However, they noted that long-term demand for gold in Pakistan typically remains strong due to its cultural and investment appeal.
