Gold prices in Pakistan witnessed a sharp decline on Wednesday following a downward trend in the international bullion market. The price of gold per tola fell by Rs6,800 in the local market, bringing the new rate to Rs470,362.
According to rates issued by the All Pakistan Gems and Jewellers Sarafa Association, the price of 10 gram gold also decreased by Rs5,830 and was traded at Rs403,259.
Gold Prices Decline After Previous Stability
The latest drop came a day after gold prices remained unchanged in Pakistan. On Tuesday, the rate of gold per tola stood stable at Rs477,162 before witnessing a major decline in Wednesday’s trading session.
Jewellers and market analysts linked the decrease in local prices to the falling international gold market, which directly influences bullion rates in Pakistan.
International Gold Market Sees Sharp Fall
In the global market, the price of gold declined by $68 per ounce to settle at $4,480 per ounce, including a premium of $20.
Analysts said international bullion prices continue to fluctuate due to changing investor sentiment, movements in the US dollar, and uncertainty surrounding global economic conditions.
The decline in global prices contributed to the reduction in domestic gold rates across Pakistan.
Silver Prices Also Decline
Alongside gold, silver prices also recorded a notable decrease in the local market.
The price of silver per tola dropped by Rs125 and settled at Rs7,974, according to the latest market rates.
Traders said precious metals continue to experience volatility as investors closely monitor global financial developments and commodity market trends.
Gold Market Remains Sensitive to Global Trends
Pakistan’s gold market largely follows international bullion movements and currency exchange fluctuations. Any rise or fall in global gold prices quickly impacts local rates.
Gold remains one of the most preferred investment and savings options in Pakistan, especially during periods of economic uncertainty and inflation.
Jewellers expect continued fluctuations in prices over the coming days depending on developments in the international market.