Gold prices in Pakistan dipped sharply on Wednesday, tracking a decline in international markets. According to the All Pakistan Sarafa Gems and Jewelers Association, the price of 24-karat gold per tola fell by Rs1,400, bringing it down to Rs355,200 from Rs356,600 on the previous day.
The rate for 10 grams of 24-karat gold also dropped by Rs1,201, standing at Rs304,526 compared to Rs305,727 earlier. Meanwhile, 10 grams of 22-karat gold fell by Rs1,101 to Rs279,158 from Rs280,259.
Read more: Cut Rates to Boost Jobs, Exports, and Growth, Advises Ejaz
Silver prices mirrored the downward trend. Per tola silver declined by Rs96 to Rs3,935, while the 10-gram price slipped by Rs82 to Rs3,373.
The international bullion market also showed weakness. Global gold prices dropped by $14 per ounce, trading at $3,325 compared to $3,339 previously. Silver fell by $0.96, standing at $37.02 per ounce versus $37.98 a day earlier.
The latest dip comes after weeks of volatility in the precious metals market, largely influenced by fluctuations in global demand, shifting investor sentiment, and speculation around interest rate policies by major economies. Analysts note that while gold often serves as a safe-haven asset during economic uncertainty, recent adjustments in global commodity prices have led to short-term corrections.
Read more: PSX Shines as Global Stocks Decline
Local traders expect price swings to continue as international trends and currency movements impact the domestic bullion market. Buyers and investors are keeping a close watch on whether gold stabilizes or experiences further dips in the coming days.
