Gold prices in Pakistan extended their downward trajectory on Wednesday, mirroring a slump in the international bullion market, market insiders reported.
The global gold market saw a significant drop, with prices falling by $20 per ounce to settle at $3,245 per ounce. This decline rippled into Pakistan’s local markets, where the price of 24-karat gold per tola decreased by Rs2,500, reaching Rs341,800. Similarly, the cost of 10 grams of gold fell by Rs2,143, now priced at Rs292,957.
Silver prices were not spared, with a per tola rate dropping by Rs40 to Rs3,390, and the 10-gram price declining by Rs35 to Rs2,905.
This marks the second day of consecutive declines for gold prices in Pakistan. On Tuesday, the price per tola had already dipped by Rs1,500, settling at Rs344,300.
Market observers pointed to waning demand both locally and globally as a key driver of the price drop. Investors appear to be pivoting toward the US dollar and other safe-haven assets, influenced by shifting economic sentiments.
Analysts suggest that ongoing global economic uncertainties and currency fluctuations may continue to pressure gold prices in the near term. Local jewelers and investors are closely monitoring the market for signs of stabilization or further declines.
