KARACHI: Gold prices in Pakistan continued their downward trend on Tuesday, with the price of 24-karat gold falling by Rs5,600 per tola, according to the All Pakistan Gems and Jewellers Association (APGJA).

Following the latest decline, the price of one tola of gold now stands at Rs424,136 across the country.

The association also reported a decrease in the price of 10 grams of gold, which fell by Rs4,801 to Rs363,628.

The decline in local gold prices mirrors the trend in the international bullion market, where gold prices also moved lower.

In the global market, the price of gold dropped by $56 per ounce, bringing it down to $4,017 per ounce.

Gold prices in Pakistan are largely influenced by fluctuations in international bullion rates and movements in the exchange rate of the Pakistani rupee against the US dollar.

Market analysts said that changes in global investor sentiment, expectations regarding interest rates, and geopolitical developments continue to influence international gold prices, which are subsequently reflected in the domestic market.

Jewellers noted that the recent decline may encourage buying activity from consumers, particularly those planning purchases for weddings and investment purposes, although overall demand remains dependent on broader economic conditions.