The price of gold in Pakistan fell by Rs1,800 per tola on Wednesday, tracking a decline in international bullion rates.
Karachi, Pakistan – Web Desk: The price of gold in Pakistan fell sharply on Wednesday, with the rate per tola dropping by Rs1,800, according to the All Pakistan Sarafa Gems and Jewellers Association.
Following the decline, the price of gold per tola in the local market settled at Rs432,036. The price of 10 grams of gold also decreased, falling by Rs1,543 to reach Rs370,401.
The Sarafa Association attributed the drop in local rates to a corresponding decline in the international bullion market, where gold prices have been fluctuating amid shifting investor sentiment.
In the global market, gold prices fell by $18, bringing the rate to $4,096 per ounce. International gold prices are widely used as a benchmark by local dealers when setting daily rates in Pakistan’s bullion market.
Gold prices in Pakistan have seen frequent swings in recent weeks, moving in tandem with global trends as well as fluctuations in the local currency. Jewellers and market analysts often point to a mix of factors driving these changes, including global economic uncertainty, central bank buying trends, and shifts in the US dollar’s value, though this report is based solely on the price figures released by the Sarafa Association.
The Association typically issues updated gold rates once or more during the trading day, reflecting real-time changes in the international market. Buyers and sellers in the local market are advised to confirm rates with registered jewellers before making transactions, as prices can shift during the day.
No further statement was issued regarding the outlook for gold prices in the coming days. This report will be updated if the Sarafa Association issues a revised rate later in the day.
