Pakistan’s gold market remained under pressure on Tuesday, with prices falling for a third consecutive session as local prices tracked weakness in the international bullion market.

The price of 24-karat gold declined Rs1,800 per tola and was sold at Rs455,736, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The latest decline follows a drop of Rs2,700 per tola in Monday’s trading session with gold closing at Rs457,536 per tola. Gold prices are further dragged down from the recent levels as domestic gold prices continue to fall.

In the meanwhile, the price of 24-karat gold also declined by Rs1,543 per 10 grams to settle at Rs390,720.

The decline in Pakistan was paralleled by a decline in international gold prices. Gold fell $18 per ounce to $4,332 per ounce with a $20 premium on Tuesday in the international market.

International bullion prices play a significant role in fixing domestic gold rates but currency fluctuations, investor demand and global market activity can also impact prices in Pakistan.

The silver market in the local also fell at the same time. Silver prices down Rs62 per tola settled at Rs7,038 per tola.

Still the latest figures show that the domestic precious metals market is weak with prices swinging from trading session to trading session with movements in international bullion markets and other market factors.

Jewellers, traders, and investors will now look to global gold prices for cues on the direction of local rates. But Pakistan's gold market is under pressure now with prices marking a third straight day of declines.

Credit: Independent News Pakistan (INP)