The price of gold in Pakistan recorded a significant decline on Monday, with the 24-karat gold rate dropping by Rs3,300 per tola amid a global dip in bullion prices and a stronger rupee in interbank trading.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of 24-karat gold stood at Rs430,362 per tola, marking a sharp decrease of Rs3,300 compared to the previous session.

Similarly, 10 grams of 24-karat gold were sold at Rs368,966, down by Rs2,829, while 10 grams of 22-karat gold slipped to Rs338,231, reflecting a fall of Rs2,593.

On the international front, gold prices also showed a decline. The international gold rate settled at $4,080 per ounce, a decrease of $33. Analysts attributed the drop to easing geopolitical tensions and a stronger U.S. dollar, which often leads investors to move away from the safe-haven asset.

Silver rates also edge lower

The silver market mirrored gold’s downward movement. The 24-karat silver rate dropped by Rs27 per tola, settling at Rs5,097, while 10 grams of silver were priced at Rs4,369, down Rs24.

In the global market, international silver traded at $48.35 per ounce, reflecting a marginal decline of $0.27.

The gold rates are based on interbank exchange rates, which play a crucial role in determining the local bullion market’s pricing trends. The association reaffirmed that all quoted rates are calculated at a purity level of 999 per 24K standard.