Gold prices in Pakistan fell sharply in the latest trading session as international bullion prices weakened, wiping out most of the gains seen in the previous session.

The price of gold went down by Rs3,600 per tola and was at Rs465,536 on the latest rates issued by the Sarafa Association. Gold had gained Rs3,900 to close at Rs469,136 per tola in the last session.

The latest decline comes amid continued volatility in the domestic bullion market, with local prices broadly mirroring international markets.

Gold Price Declines in 10-Gram Market

In the 10-gram market, the gold price also declined. It declined Rs3,086 to Rs399,122.

The fall came after a sharp rise on Friday, underscoring just how quickly prices are moving these days in the precious metals market.

Internationally Gold Prices Fall

The latest session also saw international gold prices under pressure. The world price dropped $36 an ounce to $4,430 an ounce from $4,466 an ounce, including a $20 premium.

The fall in international prices also reflected the fall in domestic prices of gold in Pakistan as international trends in bullion are the key determinant of prices in the domestic market.

Silver prices also fall

Silver prices also fell in Pakistan. Silver price declined by Rs63 per tola to Rs7,098 against Rs7,161.

Gold and silver both closed lower and market participants will be watching global bullion prices, currency moves and broader economic developments for direction on local precious metal rates.

Credit: Independent News Pakistan (INP)