Gold prices in Pakistan saw a major drop on Wednesday. The rate fell by Rs11,700 per tola, settling at Rs352,000. Just a day earlier, gold had hit a record high of Rs363,700 per tola. The price of 10 grams also dropped by Rs10,031, now standing at Rs301,783, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This drop followed a similar decline in international markets. Global gold prices fell by $116 to reach $3,338 per ounce. Experts linked the fall to US President Trump’s softer tone on economic matters. His move to step back from firing Federal Reserve Chair Jerome Powell calmed investors.
Trump also showed hope for a trade deal with China. As a result, investors turned to stocks and the US dollar. Gold, which is seen as a safe investment during crises, lost some appeal due to easing global tensions.
Meanwhile, silver prices moved slightly up in the local market. It gained Rs16, reaching Rs3,457 per tola. Although gold fell, some experts believe this may only be a short-term dip if uncertainty rises again.