The gold price in Pakistan continued its downward trend on Wednesday, dropping sharply in response to global market shifts. The cost of gold per tola fell by Rs2,245, bringing the new rate to Rs383,055. This marks the second consecutive day of decline.
10-Gram Rate Also Down
The price for 10 grams of gold saw a reduction of Rs1,925, settling at Rs307,831. These figures were released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which closely monitors domestic and global price movements.
Sharp Drop Follows Previous Dip
This fresh drop comes just a day after gold per tola had already declined by Rs1,000, closing at Rs361,300 on Tuesday. The back-to-back decreases indicate a weakening trend in both local and international gold markets.
Read: Gold Prices Surge Again as Market Stays Bullish in Pakistan
Global Market Reflects Similar Decline
Internationally, gold prices also slid. The global rate was recorded at $3,378 per ounce, showing a $20 decrease compared to the previous day. This rate includes a $20 premium, according to APGJSA.
The fall in global gold rates is a key driver behind the local slump. Investors worldwide are closely watching the impact of shifting economic policies and interest rates on precious metals.
Silver Prices Edge Higher
In contrast to gold, silver prices posted a modest gain. The rate for silver per tola rose by Rs22, reaching Rs3,878. This slight increase suggests mixed trends in the precious metals market.
Market Outlook Remains Uncertain
The back-to-back decline in gold prices could prompt increased buying activity from local investors and jewelers. However, uncertainty in the international market means fluctuations may continue.
Analysts advise market participants to stay cautious, especially with potential monetary policy decisions and global inflation concerns influencing metal prices. As gold typically serves as a safe-haven asset, its recent decline may also reflect growing confidence in riskier investments.
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