Domestic bullion market follows international trend as gold loses Rs8,600 per tola in one of the steepest daily declines in recent weeks
Gold prices in Pakistan recorded a sharp decline on Wednesday, with the precious metal losing Rs8,600 per tola amid a significant correction in international bullion markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola fell to Rs467,762, down from Rs476,362 recorded in the previous trading session.
The price of 24-karat gold per 10 grams also decreased by Rs7,373 to Rs401,030, compared with Rs408,403 a day earlier.
Bullion market analysts attributed the decline to weakness in international gold prices as investors reassessed economic conditions and geopolitical developments affecting global financial markets.
Market participants said uncertainty surrounding global inflation trends, trade-related concerns and geopolitical tensions continued to contribute to volatility in precious metals trading.
In the international market, gold prices fell by $86 per ounce to $4,454, compared with the previous session’s closing level of $4,545 per ounce. The decline in global prices was quickly reflected in Pakistan’s domestic bullion market.
Traders noted that local demand remained subdued as buyers adopted a cautious approach amid recent price fluctuations. Many consumers deferred purchases in anticipation of further adjustments in gold rates.
Market observers said future movements in gold prices would largely depend on international market sentiment, inflation expectations, central bank policy decisions and geopolitical developments.
While the latest correction offers temporary relief to prospective buyers, analysts expect gold prices to remain volatile in the near term as global economic uncertainties persist.
