Gold prices in Pakistan recorded a significant decline on Wednesday as international bullion rates moved downward. In the local market, the price of gold per tola decreased by Rs6,800, bringing the new rate to Rs470,362.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 10 gram gold also fell by Rs5,830 and was traded at Rs403,259.
Local Gold Market Witnesses Major Drop
The latest decrease came after gold prices remained unchanged a day earlier. On Tuesday, gold was traded at Rs477,162 per tola before the market experienced a sharp decline during Wednesday’s trading session.
Market experts said local bullion prices continue to follow trends in the global gold market, which directly affects rates in Pakistan.
Jewellers noted that investor activity and changes in international demand also influence domestic gold prices.
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International Gold Prices Move Lower
In the international market, gold prices dropped by $68 per ounce and settled at $4,480 per ounce, including a premium of $20.
Analysts said global gold prices remain volatile due to uncertainty in international financial markets, currency fluctuations, and changing investor sentiment.
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The fall in global bullion rates contributed to the decline in Pakistan’s local gold market.
Silver Prices Also Register Decline
Silver prices also witnessed a decrease alongside gold in the domestic market.
The price of silver per tola dropped by Rs125 and settled at Rs7,974, according to the latest rates issued by market authorities.
Traders said precious metal prices may continue to fluctuate depending on developments in the international market and economic conditions worldwide.
Investors Closely Monitoring Bullion Market
Gold continues to hold importance as a preferred investment option in Pakistan, especially during periods of inflation and economic uncertainty.
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Experts believe the bullion market may witness further changes in the coming days as investors closely monitor global economic trends and movements in the international commodities market.
