Gold prices recorded another significant decline in both the international and domestic bullion markets on Wednesday, extending recent losses as weaker global prices weighed on the local market. The latest drop also pulled silver prices lower across Pakistan.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the international bullion market fell by $52 per ounce, settling at $3,972. The decline in global prices was immediately reflected in Pakistan’s local bullion market, where gold rates witnessed a sharp correction.
In the domestic market, the price of 24-karat gold per tola dropped by Rs5,200, bringing it down to Rs419,636. Meanwhile, the price of 10 grams of gold decreased by Rs4,458 to Rs359,770, offering some relief to buyers after weeks of elevated prices.
Silver prices also followed the downward trend. The price of silver per tola fell by Rs107 to Rs6,242, while the rate for 10 grams of silver declined by Rs92, closing at Rs5,351.
The latest decline comes after consecutive losses earlier this week. On Tuesday, international gold prices fell by $41 per ounce to $4,024, while the domestic price of gold per tola dropped by Rs4,100 to Rs424,836. In contrast, silver had posted modest gains that day, rising by Rs25 per tola.
On Monday, gold prices also moved lower in Pakistan, mirroring weakness in international markets. At the time, gold per tola was priced at Rs428,936 after declining by Rs2,300, while 10 grams of gold fell to Rs367,743. Silver also slipped to Rs6,324 per tola.
Market analysts say fluctuations in international bullion prices, the value of the US dollar, inflation expectations, and global geopolitical developments continue to influence precious metal prices in Pakistan. Investor sentiment in global markets remains cautious as traders monitor economic indicators and central bank policy signals.
With gold recording back-to-back declines over the past several sessions, bullion traders believe price movements will continue to depend on international market trends and currency fluctuations. Buyers and investors are closely watching whether the recent correction signals further declines or a potential rebound in the coming days.
