Pakistan Gold Prices Plummet by Rs500 per Tola Amid International Volatility

Gold prices in Pakistan have continued to fluctuate, with the latest domestic rate standing at Rs459,936 per tola. This marks a decline of Rs500 from the previous session and follows a sharper drop of Rs3,500 earlier in the week.

The local gold market remains under pressure due to volatility in international bullion trends and US dollar fluctuations. Despite this, gold prices have shown an overall rise during the first two weeks of August, with gains of Rs37,200 per tola (around 8.7%) between August 1 and August 12.

However, after hitting a mid-month high, prices declined by Rs4,000 over the next three days, resulting in gold remaining Rs33,200 per tola higher than its August 1 level. International gold has also been volatile, trading around $4,375, $4,380 per ounce towards mid-August.

The silver market, on the other hand, showed firmness, with a per-tola rate of Rs6,949 and a 1-kilogram silver bar in Lahore quoted at Rs6,950 on the selling side. The price for 999.0 Tezabi silver stood at Rs6,900, while a 10-tola silver piece was priced at Rs7,050.