Gold prices in Pakistan fell sharply on Wednesday, following losses in the international market. The price per tola dropped by Rs7,538 to reach Rs437,362. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold also decreased by Rs6,463, selling at Rs374,967.
On Tuesday, local gold prices had remained steady at Rs444,900 per tola. The international gold price also declined, trading at $4,150 per ounce with a $20 premium, down by $85. Silver prices fell by Rs151 per tola, reaching Rs5,110.
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The global gold price dropped further amid easing U.S.-China trade tensions. Investors sold bullion to book profits after recent record highs. This decline continues ahead of key U.S. inflation data expected later this week.
Spot gold prices fell 0.4% to $4,109.19 per ounce early Wednesday, after losing over 5% on Tuesday—its steepest fall since August 2020. Meanwhile, U.S. gold futures for December rose slightly by 0.4% to $4,124.10 per ounce.
Read more: Gold Prices Drop Sharply After Record High Surge
Overall, the drop in global prices directly impacted Pakistan’s local gold market, causing a notable decrease in rates and signaling cautious investor sentiment worldwide.