Gold prices fall by Rs3,700 per tola in Pakistan

Gold prices declined in Pakistan on Wednesday after a two-day pause, with the domestic market recording a notable drop in bullion rates amid a sharp fall in international gold prices.

ISLAMABAD: Gold prices declined in Pakistan on Wednesday after a two-day pause, with the domestic market recording a notable drop in bullion rates amid a sharp fall in international gold prices.

According to the All Pakistan Sarafa Association, the price of 24-carat gold fell by Rs3,700 per tola, bringing the new rate to Rs458,236 per tola.

The decline was also reflected in the price of gold weighing 10 grams. The rate for 10 grams of 24-carat gold decreased by Rs3,172, settling at Rs392,863.

Silver prices also moved lower during the session. The price of silver declined by Rs186 per tola, reaching Rs6,800 per tola.

Gold prices fall in international market

The downward trend was not limited to Pakistan, as gold prices also came under pressure in the international market.

According to market data, the international price of gold decreased by $37 per ounce, falling to $4,358 per ounce.

The decline in global bullion prices contributed to the reduction in domestic gold rates, as Pakistan’s local market generally adjusts its prices in response to movements in international bullion prices, along with changes in the exchange rate and local demand.

Market participants are closely monitoring developments in the global economy and financial markets, as shifts in investor sentiment can have a direct impact on precious metals.

Gold is widely regarded as a safe-haven asset, and its price can fluctuate significantly in response to changes in global economic expectations, currency movements, interest-rate outlooks and geopolitical developments.