Karachi, Pakistan – Web Desk: Gold prices declined for the second consecutive day in Pakistan, tracking a sharp drop in international bullion markets, traders said Wednesday.
In the global market, the price per ounce of gold fell by another $55 to settle at $4,572 per ounce, reflecting continued bearish sentiment in commodity markets.
Following the international trend, local bullion markets in Pakistan saw a decrease of Rs5,500 per tola, bringing the price to Rs479,562 per tola. The price per 10 grams of gold also dropped by Rs4,715 to Rs411,147.
The downward trend comes after a prolonged period of record-high gold prices that had pushed the precious metal to historic levels in both global and local markets.
Meanwhile, silver prices also declined internationally. The price per ounce of silver fell by 45 cents to $72.82 per ounce.
In local markets, silver prices dropped by Rs55 per tola to Rs7,766 per tola, while the price per 10 grams of silver decreased by Rs38 to Rs6,658.
Market analysts attribute the decline to easing geopolitical tensions and profit-taking by investors after weeks of sharp rallies. The temporary ceasefire between Iran and the United States, along with a stronger US dollar, have reduced safe-haven demand for the precious metal.
Traders expect further volatility in the coming days as investors await clarity on global interest rate policies and Middle East developments.
