Gold prices drop for fifth day as global rates fall below $4,000

Gold prices in Pakistan continued to tumble on Saturday, recording a fifth straight day of losses as international bullion prices fell below the critical $4,000 per ounce threshold.

The All Sarafa Association said the continued decrease drove gold to a five-month low in both domestic and international markets.

In the local market, the price of 24-carat gold declined by Rs2,500 per tola to Rs422,036. The price of 10 grams also decreased by Rs2,144 to Rs361,686.

The current cut is the latest in a run of sustained deterioration in bullion prices with the domestic market mirroring the slide in foreign rates.

World prices

International gold prices also saw another downturn, dropping by $25 per ounce to $3,995. The move sent bullion below the psychologically important $4,000 barrier, boosting pressure on local prices.

Gold prices fell for the fifth consecutive day in global and domestic markets. The group said the latest numbers “show the scale of the recent retreat” with prices dropping to their lowest in five months.

The jewellery markets in Pakistan observe the international bullion movements closely as global price changes affect local rates, alongside currency fluctuations and other market considerations.

Silver drops

Also prices of silver also came down in domestic trade. Silver prices decreased by Rs7 per tola to Rs5,858.

The simultaneous fall in gold and silver is a reflection of the wider weakness seen across the local precious metals market.