KARACHI: Gold prices in Pakistan recorded another steep decline on Wednesday, following a similar downward trend in the international bullion market, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 24-karat gold fell by Rs11,300 per tola, settling at Rs454,036. The latest decline extended losses recorded a day earlier and reflected continuing weakness in international gold prices.
Meanwhile, the price of 10 grams of 24-karat gold dropped by Rs9,688 to close at Rs389,262.
Gold Extends Losses After Tuesday’s Decline
Gold had already declined by Rs800 per tola on Tuesday, closing at Rs465,336. Consequently, Wednesday’s much larger fall accelerated the downward movement in domestic bullion prices.
The two-day decline has significantly reduced local gold rates after the precious metal had traded at elevated levels.
Furthermore, domestic prices moved lower as international bullion markets also recorded substantial losses.
In the international market, gold fell by $113 per ounce to settle at $4,315, including a $20 premium.
Movements in international bullion prices remain an important influence on Pakistan’s domestic gold market, alongside exchange-rate fluctuations and local market conditions.
Silver Prices Also Fall in Domestic Market
Meanwhile, silver followed gold’s downward trajectory on Wednesday, recording a notable decline in the Pakistani market.
The price of silver dropped by Rs270 per tola to close at Rs6,859, according to the latest market rates.
The simultaneous fall in gold and silver reflected broader weakness across precious metals during the trading session.
Consequently, Wednesday marked another session of declining bullion prices in Pakistan, with gold recording the sharper movement after international rates fell substantially.
