KARACHI: Gold prices in Pakistan continued their downward trend on Thursday, with the price of 24-karat gold falling by Rs9,720 per tola amid continued weakness in international bullion markets.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola declined to Rs432,716, while the price of 10 grams of gold dropped by Rs8,748 to Rs369,422.

The latest decline comes a day after gold prices recorded an even steeper fall on June 11, when the price of 24-karat gold dropped by Rs12,627 per tola and settled at Rs442,436.

Gold Prices Tumble On June 11 As Global Selloff Hits Pakistan Market

The back-to-back declines have pushed gold prices down by more than Rs22,000 per tola in just two trading sessions, reflecting heightened volatility in both local and global bullion markets.

Internationally, gold prices also moved lower, with the precious metal losing $40 per ounce in the global bullion market. The international rate fell to $3,389 per ounce, contributing to the decline in domestic prices.

Market analysts said the recent correction follows fluctuations in global commodity markets, where investor sentiment, currency movements, and changing expectations regarding economic conditions continue to influence precious metal prices.

The latest drop offers some relief to buyers after months of record-high gold rates. However, traders caution that bullion prices remain sensitive to developments in international markets and could continue to fluctuate in the coming weeks.

Gold prices had also recorded declines on June 6 and June 8, indicating a broader downward trend after a prolonged period of elevated prices in both domestic and international markets.