On Friday, domestic gold prices decreased by Rs450 per tola and Rs385 per 10 gram, in accordance with the world market.
Due to a downward trend in worldwide rates, domestic gold prices settled at Rs128,650 per tola and Rs110,297 per gram.
Today’s international gold price fell from $14 per ounce to $1,849 per ounce.
Gold prices in the local bullion market had risen by Rs3,300 per tola and Rs2,G829 per gram the day before, to Rs129,100 per tola and Rs110,682 per gram, respectively.
A constant price increase throughout the week has harmed the already low demand for gold in the local market.
“We do notice some seasonal demand owing to the wedding season,” he had added, “but in comparison, a lack of spending power has driven buyers toward artificial jewelry.”
The dealer, while shedding light on the yellow metal’s future prospects, stated that the price will rise in the future.
According to the All Sindh Saraf and Jewellers Association, gold gained Rs11,700 per tola in the local market from November 4 to 11.
Meanwhile, silver prices in India stayed constant Monday at Rs1,480 per tola and Rs1,268.86 per ten gram.