Gold rates in Pakistan experienced a single-day decrease of Rs1,200, bringing the price of 24-carat gold to Rs275,700 per tola.
According to data from the Sarafa Association, gold prices declined in both global and local markets. Alongside the new per tola rate, the price of gold per 10 grams also fell by Rs1,029, reaching Rs236,368.
Meanwhile, silver prices remained stable in the local market, with the rate per tola holding steady at Rs3,350 on Saturday.
Gold prices in Pakistan are influenced by a variety of factors, including global market trends, currency exchange rates, and domestic demand. International gold prices play a crucial role, as Pakistan imports most of its gold, making local prices sensitive to fluctuations in the international market.
Additionally, the strength of the Pakistani rupee against the US dollar directly impacts gold rates, as a weaker rupee drives up the cost of imports. Political uncertainty and economic challenges within the country also contribute to daily price variations, as investors turn to gold as a safe haven during times of financial instability.