Gold prices in Pakistan witnessed a modest decline on Wednesday, offering slight relief to potential buyers amid a prolonged period of record-high rates.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs1,900, bringing it down from previous highs to Rs347,500. Likewise, the rate of 10 grams of gold decreased by Rs1,629, now priced at Rs297,925.
In the international market, gold also experienced a dip, falling by $19 per ounce, with the current global price reaching $3,291 per ounce. Experts link the decline to market corrections and shifts in investor behavior, as well as strengthening of the U.S. dollar.
Despite the slight drop, gold prices remain near historical peaks due to inflationary pressures and global economic uncertainty. Local jewellers, however, are hopeful that even small price reductions might revive domestic demand ahead of the upcoming wedding season.
Analysts continue to monitor the situation closely, noting that both international trends and rupee-dollar exchange fluctuations could affect gold prices in the coming weeks.