Gold prices in Pakistan have fallen again, reaching their lowest level in five months.
According to the All Pakistan Sarafa Association, gold prices dropped for the fifth consecutive day in the local market.
Gold has also become cheaper in the international market, adding pressure on prices in Pakistan.
Latest gold and silver prices in Pakistan
The price of 24-karat gold fell by Rs2,500 per tola, bringing the new rate to Rs422,036.
Meanwhile, the price of 10 grams of gold dropped by Rs2,144.
Reportedly, the new price of 10 grams of gold stands at Rs361,686, following another major decline recorded a day earlier, when gold became cheaper by Rs7,000 per tola.
Gold prices have continued to fall for five consecutive days.
Silver prices also recorded a small decrease in the local market.
The price of silver fell by Rs7 per tola, bringing its latest rate to Rs5,858.
However, prices can change quickly depending on market conditions.
International gold price falls below $4,000
Gold prices have also declined in the international market.
The global price fell by $25 per ounce, reaching $3,995, bringing new gold prices below the important $4,000-per-ounce level.
International gold prices play a major role in determining local rates in Pakistan.
The exchange rate between the Pakistani rupee and the US dollar also affects the price of gold.
Investors often consider gold a safe investment during economic uncertainty and international tensions. The demand for gold can increase when financial markets become unstable.
