Gold prices extend losses for fourth consecutive day

Gold prices continued their downward trend on Wednesday, marking the fourth straight day of declines in both

Gold prices continued their downward trend on Wednesday, marking the fourth straight day of declines in both international and local markets.

In the international bullion market, the price of gold fell by $47 per ounce, bringing it down to $4,078 per ounce. The continued weakness in global prices was reflected in Pakistan’s local bullion market, where gold rates also recorded a significant decline during the third trading day of the week.

Following the drop in international prices, the price of 24-karat gold per tola in the local market decreased by Rs4,700, settling at Rs430,236. The decline provided some relief to buyers after several sessions of price fluctuations.

Similarly, the price of 10 grams of 24-karat gold fell by Rs4,029, bringing the new rate to Rs368,858. Traders attributed the fall in domestic prices to the sharp correction in the global bullion market.

Silver prices also moved lower in both international and local markets. In the global market, the price of silver per ounce declined by $1.38, reaching $59.42.

The decline in international silver prices was mirrored in Pakistan’s local market. The price of silver per tola dropped by Rs138, settling at Rs6,421, while the price of 10 grams of silver decreased by Rs119 to Rs5,504.

Market analysts said that movements in international precious metals markets continue to have a direct impact on local bullion prices. Changes in global demand, investor sentiment, and international economic developments remain key factors influencing the value of gold and silver.