The gold price in Pakistan declined by Rs3,100 per tola on Wednesday, following a drop in international gold rates. The latest decline brought the local price of gold to Rs434,436 per tola.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold also decreased during the day. It fell by Rs2,658 to reach Rs372,458.
The latest movement came after a stable session in the local market. On Tuesday, the gold price in Pakistan remained unchanged at Rs437,536 per tola, with no increase or decrease recorded during the day.
The decline in domestic prices followed a similar movement in the international market. The international rate of gold fell by $31, reaching $4,119 per ounce during the latest trading session.
Gold prices in Pakistan generally respond to changes in international bullion rates, along with movements in the local currency and other market factors. The latest fall therefore reflected the weaker international gold market.
Silver prices also moved lower on Wednesday. The price of silver declined by Rs100 per tola to reach Rs6,488, according to the rates shared by the jewellers’ association.
The latest gold price in Pakistan remains closely watched by consumers, investors and jewellery traders. Market participants will continue to monitor international bullion prices and local market conditions for further changes in precious metal rates.
