Gold prices in Pakistan fell sharply on Wednesday, following a global downward trend. The price of gold per tola dropped by Rs2,400, bringing the new rate to Rs388,600. Similarly, the price for 10 grams of gold declined by Rs2,058, now standing at Rs333,161. This decrease came a day after prices had remained stable.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), this drop mirrors the movement in international markets. On Tuesday, gold had reached record levels, but by Wednesday, international gold prices dipped. The global rate fell to $3,668 per ounce, down by $24, including a $20 premium.
In addition to gold, silver prices also saw a decline. Silver fell by Rs109 per tola, bringing its new price to Rs4,387. Market analysts say profit-taking and a stronger U.S. dollar contributed to the fall. These shifts are tied to investor reactions after expectations rose for a potential U.S. Federal Reserve rate cut.
Global spot gold dropped 0.2% to $3,681.23 per ounce early Wednesday, after touching a record $3,702.95 on Tuesday. U.S. gold futures for December also declined 0.2%, landing at $3,718.90. Traders believe recent gains in gold triggered some investors to secure profits.
Experts suggest the price may remain volatile in the coming days. Fluctuations in the dollar, inflation signals, and central bank decisions will likely guide further movements. For now, both local and international buyers are adjusting their positions in response to the latest dip.