Gold prices in Pakistan recorded a sharp decline on Wednesday, tracking losses in international markets. The price of gold fell by Rs12,627 per tola, bringing relief to buyers. The drop affects investors, jewellers, and consumers closely watching bullion market trends.
According to the All-Pakistan Gems and Jewellers Sarafa Association, gold settled at Rs442,436 per tola. Likewise, the price of 10 grams of gold dropped by Rs11,364 to Rs378,170. The decline followed significant weakness in global bullion prices during the trading session.
A day earlier, gold prices had moved higher in the domestic market. On Tuesday, the price of one tola increased by Rs2,830 to reach Rs455,063. However, Wednesday’s sharp correction erased those gains and pushed prices substantially lower.
Meanwhile, the international gold rate fell by $126 per ounce. The precious metal settled at $4,200 per ounce, including a premium of $20. Analysts attributed the decline to weakness in global bullion markets and changing investor sentiment.
Silver prices also moved lower alongside gold. The price of silver dropped by Rs385 per tola and settled at Rs6,929. Market participants will continue monitoring international gold prices and global economic developments for further direction in the bullion market.