Gold Price Drops by Rs4,200 Per Tola on Wednesday in Pakistan

Karachi: Gold prices in Pakistan fell sharply on Wednesday, offering some relief to buyers amid weeks of soaring rates. The price of one tola of gold dropped by Rs4,200, bringing the new rate to Rs352,700.

Major Drop in Local Market

According to the All Pakistan Gems and Jewellers Association (APGJA), gold prices saw a significant decrease. The 10-gram gold price also fell by Rs3,601, settling at Rs302,383. This marks a noticeable decline from previous record highs seen earlier in the week.

Jewellers say the drop follows international market trends, where gold prices have also declined due to a stronger US dollar and profit-taking by investors.

Global Market Impact

In the international market, gold fell by $42 per ounce, now priced at $3,343 per ounce. The drop is linked to easing geopolitical tensions and a dip in global demand for safe-haven assets.

Market analysts note that the recent drop comes after several days of sharp increases. Investors are now selling off gold to lock in profits, affecting both global and local rates.

Relief for Buyers

Local jewellers say the price drop has sparked interest among customers who had paused purchases due to the steep surge earlier. Many in the wedding season market see this as a good time to buy.

“We had seen a big slowdown in gold sales last week,” said a Karachi-based jeweller. “Today’s drop has brought some customers back. It may not be much, but it helps.”

Volatility Remains

Despite the current drop, market experts caution that volatility in gold prices is likely to continue. Global political uncertainty, inflation, and currency devaluation remain key factors that influence gold rates.

“Gold remains a sensitive commodity,” said a financial analyst. “Any shift in international conditions or dollar value can push prices up or down.”

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Summary

• Gold per tola down by Rs4,200

• New rate: Rs352,700 per tola

• 10 grams now at Rs302,383 after Rs3,601 drop

• International price drops by $42 to $3,343/oz

Jewellers advise customers to stay updated with daily rates before making any big purchases. With continued fluctuations expected, buyers are urged to plan carefully.