Key Points
- Gold falls sharply following international market losses
- Per tola price settles at Rs437,362, down Rs7,538
- 10-gram gold closes at Rs374,967, down Rs6,463
- Silver also dips by Rs151 per tola
KARACHI: Gold prices in Pakistan declined significantly on Wednesday, mirroring a sharp fall in the international bullion market, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The association reported that the price of 24-karat gold per tola fell by Rs 7,538, closing at Rs 437,362, compared with Rs 444,900 in the previous session. Likewise, 10-gram gold was sold at Rs 374,967, reflecting a decrease of Rs 6,463.
The APGJSA further stated that the international gold rate slipped to $4,150 per ounce, with a premium of $20, marking a decline of $85 over the previous day’s rate.
Similarly, the silver price per tola dropped by Rs 151, settling at Rs 5,110 in the local market.
Analysts told Business Recorder and Dawn that the latest slide in bullion prices followed a global correction after an extended rally to record highs. Traders attributed the movement to easing US–China trade tensions* and profit-taking by investors ahead of upcoming US inflation data, which could influence the Federal Reserve’s policy outlook.
According to international media reports, spot gold was down 0.4% at $4,109.19 per ounce as of 0236 GMT, after falling more than 5 per cent on Tuesday — the sharpest single-day drop since August 2020. Meanwhile, US gold futures for December delivery rose 0.4 per cent to $4,124.10 per ounce, reflecting a marginal recovery amid volatility.
Outlook
Market watchers said the local bullion market may remain under pressure if international prices continue to soften. However, some jewellers expect buying interest to pick up if rates stabilise ahead of the wedding season.
