Gold prices in Pakistan fell on Wednesday, following a decline in international markets. The price per tola dropped Rs1,000, reaching Rs434,762. Meanwhile, 10-gram gold fell by Rs857, closing at Rs372,738, according to the All-Pakistan Gems and Jewellers Sarafa Association.
On Tuesday, gold had gained Rs5,900 per tola, showing volatility amid market shifts. Internationally, gold dropped $10 to $4,124 per ounce with a $20 premium. US futures for December delivery also slipped 0.1%, closing at $4,113.80 per ounce.
Read more: Gold Prices Surge In Pakistan Amid Economic Uncertainty
The decline came as the dollar rebounded, and investors booked profits after bullion reached a near three-week high. Analysts said expectations of Federal Reserve interest rate cuts had initially driven prices up.
Meanwhile, silver prices rose by Rs81 per tola, reaching Rs5,434, showing a contrasting trend in the precious metals market. Traders remain cautious as international economic cues continue to influence local rates.
Read more: Gold prices plunge in global, local markets
Investors are advised to monitor both local and international market movements closely, as volatility is expected to continue in the short term.