Gold prices in Pakistan recorded a significant decline on Wednesday following losses in the international market. The drop ended the recent upward trend in local bullion rates. As a result, buyers witnessed one of the largest single-day decreases in recent weeks.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold prices fell sharply across the country. The price of one tola of gold dropped by Rs 12,627 during the day. Consequently, the new rate settled at Rs 442,436 per tola.
Similarly, the price of 10 grams of gold declined by Rs 11,364. After the reduction, the rate reached Rs 378,170. Traders attributed the decline to weakness in global bullion markets. Moreover, lower international prices directly influenced local market trends.
10-Gram Gold Also Records Major Loss
A day earlier, gold prices had moved in the opposite direction. On Tuesday, the price of one tola increased by Rs 2,830. Therefore, the rate had reached Rs 455,063 per tola before Wednesday’s sharp correction.
Market observers noted that local gold prices often follow global market movements. Consequently, fluctuations in international rates quickly affect domestic prices. Investors and traders closely monitored developments throughout the trading session.
International Gold Rates Weigh on Market
The international gold price fell by $126 per ounce on Wednesday. Following the decline, the global rate settled at $4,200 per ounce, including a $20 premium. Furthermore, the decrease contributed significantly to the drop in Pakistan’s bullion market.
Meanwhile, silver prices also moved lower during the session. The price of silver per tola declined by Rs 385. As a result, the new silver rate reached Rs 6,929 per tola.
The latest decline highlights the strong connection between international precious metal markets and local pricing trends.
