Gold prices in Pakistan experienced a significant decline on Monday, falling by Rs2,400 per tola as the domestic bullion market mirrored losses in international markets . The price of 24-karat gold settled at Rs437,436 per tola, while 10 grams of the precious metal dropped by Rs2,058 to close at Rs375,030 .
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The downward movement was driven by pressure on global gold prices, as a stronger US dollar weighed on the precious metal, causing it to pull back from a two-week peak . In the international market, gold prices fell by $24 per ounce to settle at $4,150 .
Silver prices followed the same downward trajectory in the local market, with one tola of silver declining by Rs37 to settle at Rs6,679 . According to the All-Pakistan Gems and Jewellers Sarafa Association, the decline extends the recent losing streak after gold had hovered near record levels in previous weeks .
Market analysts attribute the price correction to fluctuations in global economic conditions, central bank policies, and shifting investor sentiment . However, jewellery traders anticipate increased buying activity ahead of the upcoming wedding season, as the recent price cut may attract consumers .
