KARACHI – Gold extended losses in domestic market of Pakistan on Tuesday amid downward global trend due to decrease in its demand.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price plunged by Rs500 to settle at Rs358,300.
Similarly, the price of 10-gram gold decreased by Rs429 to drop to Rs307,184 in local market which has been impacted by the global trend.
In international market, the gold rates fell by $5 per ounce with new rate hovering at $3,356.
A day earlier, the price of 24-karat gold per tola dropped by Rs3,600, settling at Rs. 358,800 while the price of 10 grams decreased by Rs3,086, reaching Rs. 307,613.
Traders attribute the decline to fluctuations in global demand, currency movements, and profit-taking by investors.
Analysts expect the market to remain volatile in the coming days depending on international economic indicators and local buying trends.
