Summary
- Gold prices declined significantly across Pakistan on Wednesday, mirroring a downturn in international bullion markets as weaker global prices weighed on the domestic precious metals trade.
- The decrease reflects the direct impact of lower international gold prices on Pakistan’s local bullion market.
- The weakness in international prices influenced local bullion rates, as Pakistan’s gold market closely follows global price movements and exchange rate fluctuations.
Gold prices declined significantly across Pakistan on Wednesday, mirroring a downturn in international bullion markets as weaker global prices weighed on the domestic precious metals trade.
According to the latest rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola dropped by Rs5,200, bringing the new rate down to Rs419,636.
The price of 10 grams of 24-karat gold also recorded a notable decline, falling by Rs4,458 to settle at Rs359,770. The decrease reflects the direct impact of lower international gold prices on Pakistan’s local bullion market.
The latest decline comes a day after gold prices had already witnessed a substantial drop. On Tuesday, the price of gold per tola had fallen by Rs4,100 to close at Rs424,836, extending the ongoing downward trend in the domestic market.
In the international market, spot gold prices also came under pressure. The global price of the precious metal declined by $52 per ounce, settling at $3,972 per ounce, including a premium of $20. The weakness in international prices influenced local bullion rates, as Pakistan’s gold market closely follows global price movements and exchange rate fluctuations.
Silver prices also moved lower on Wednesday. The price of silver per tola declined by Rs107 to Rs6,242, reflecting the broader weakness in precious metals.
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