Gold prices decline to Rs427,436 per tola as international bullion rates fall by $34 to settle at $4,049 per ounce.

Gold prices in Pakistan fell by Rs3,400 per tola on Wednesday, following a decline in international bullion markets, according to the All Pakistan Gems and Jewellers Association.

The price of 24-karat gold per tola dropped to Rs427,436 from the previous day’s closing of Rs430,836, reflecting a significant decline in the domestic market.

Similarly, the price of 24-karat gold per 10 grams decreased by Rs2,915 to Rs366,457, compared with Rs369,372 recorded on the previous day.

Bullion market experts attributed the decline in local gold prices to easing trends in international markets.

However, they noted that geopolitical uncertainty and concerns over global inflation continued to create volatility in gold prices.

In the international market, gold prices declined by $34 per ounce to settle at $4,049, compared with the previous closing of $4,083.

The latest decline reflects the impact of international market movements on domestic bullion rates, as Pakistan’s gold market remains closely linked to global price trends.

Market participants are expected to monitor international bullion movements and geopolitical developments for further direction in local gold prices.

The association said that the exchange rates for local gold prices against international prices was based on interbank foreign exchange rates released by the State Bank of Pakistan.