The gold price in Pakistan witnessed a sharp decline on Wednesday, with the rate of 24-karat gold falling by Rs12,627 per tola. According to the latest figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold was traded at Rs442,436 per tola in local markets.
The significant drop came in response to weakness in international bullion markets. Market analysts said lower global prices directly affected domestic rates, leading to one of the biggest single-day declines in recent weeks.
Similarly, the gold price in Pakistan for 10 grams of 24-karat gold decreased by Rs11,364, bringing the new rate to Rs378,170. Jewellers reported cautious trading activity as buyers monitored market trends before making purchasing decisions.
Just a day earlier, gold prices had moved in the opposite direction. On Tuesday, the price of gold rose by Rs2,830 per tola, reaching Rs455,063. However, the latest correction erased those gains and pushed prices significantly lower.
In the international market, gold prices fell by $126 per ounce, bringing the global rate down to $4,200 per ounce, including a premium of $20. The decline in global bullion prices played a major role in the adjustment seen in local markets.
Experts believe fluctuations in investor sentiment, changing expectations regarding global interest rates, and profit-taking activity contributed to the latest fall in international gold prices. These factors continue to influence the gold price in Pakistan on a daily basis.
Meanwhile, silver prices also moved lower. The price of silver dropped by Rs385 per tola, settling at Rs6,929. Traders said precious metal markets may remain volatile in the coming days as investors closely watch global economic and geopolitical developments.
