Gold prices in Pakistan fell sharply on Wednesday, with the per-tola rate dropping by Rs8,600. The decline matters because it reflects a significant correction in precious metals markets. Investors, traders, and consumers across the country are directly affected by the price movement.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association, gold was sold at Rs467,762 per tola. The price of 10 grams of gold also declined by Rs7,373, settling at Rs401,030. The fall reversed part of the gains recorded during the previous trading session.
Read more: Gold prices surge again as market nears record highs
A day earlier, gold prices had risen by Rs4,600 per tola, reaching Rs476,362. However, the upward trend proved short-lived as international market weakness pushed local rates lower. Domestic gold prices generally move in line with global market trends.
Meanwhile, the international gold rate declined by $86 per ounce to $4,454, including a premium of $20. The global decline weighed heavily on local bullion markets and contributed to the sharp drop in Pakistani gold prices. Traders closely monitored international developments throughout the session.
Read more: Gold prices increase by Rs 4,600 per tola
Silver prices also moved lower on Wednesday. The price of silver declined by Rs259 per tola, bringing the rate to Rs7,894. Market participants will continue watching global precious metal trends for indications of future price movements.