Gold prices in Pakistan saw a sharp decline on Wednesday, dropping by Rs2,300 per tola, in line with a downward trend in the international market. After this decrease, the new gold rate per tola stands at Rs341,900, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also fell by Rs1,972, bringing it down to Rs293,124. This drop comes just a day after the local market witnessed a significant surge, with prices increasing by Rs3,700 per tola on Tuesday to reach Rs344,200.
Internationally, the price of gold showed some volatility as well. On Wednesday, the global rate stood at $3,235 per ounce, including a premium of $20. Interestingly, despite the decline in local markets, this international figure reflected an increase of $23 during the day.
The fluctuation in gold prices continues to be influenced by changing investor sentiment, global economic signals, and currency dynamics. Jewellers expect continued volatility as markets respond to global cues and domestic economic pressures.