Gold prices in Pakistan fell sharply on Wednesday, dropping Rs5,500 per tola to Rs479,562. The decline followed a $55 fall in international gold rates, signaling broader market weakness. Jewellers, investors, and consumers faced immediate impact as precious metals lost value.
In the local market, 10-gram gold was sold at Rs411,147 after losing Rs4,715, according to official rates. The All-Pakistan Gems and Jewellers Sarafa Association shared the updated pricing data. This drop continues a downward trend seen in recent trading sessions.
Read more: Gold prices rise again across Pakistan
Earlier on Tuesday, gold prices had already decreased by Rs8,900 per tola, reaching Rs485,062. Therefore, the latest decline reflects sustained pressure on the bullion market. Market watchers link this trend to global price movements and investor sentiment.
Meanwhile, international gold prices dropped to $4,572 per ounce, including a $20 premium. Analysts say global economic signals and currency fluctuations often influence such changes. As a result, local markets tend to mirror international price shifts quickly.
Read more: Gold prices drop sharply across Pakistan
In addition, silver prices also fell in the domestic market. The price of silver declined by Rs45, settling at Rs7,766 per tola. Although less volatile than gold, silver still reflects broader commodity market trends.