Gold prices in Pakistan witnessed a significant correction in the bullion market on Wednesday, following a downward trend in international markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the interbank gold rate for 24-karat gold per tola plunged by Rs. 1,000, closing at Rs. 443,162. Similarly, the rate for 24-karat gold per 10 grams fell by Rs. 858 to settle at Rs. 379,939.
Gold of 22-karat purity per 10 grams also saw a substantial drop, decreasing by Rs. 786 to Rs. 348,290.
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The decline in local prices mirrored a dip in the international market, where the gold price per ounce dropped by $10 to $4,208.
In contrast, the domestic silver market bucked the trend and posted gains. The price of silver per tola (24Kt) rose by Rs. 81 to Rs. 6,085, while silver per 10 grams increased by Rs. 69 to Rs. 5,216.
Internationally, silver per ounce saw a modest increase of $0.81, reaching $58.13.
A day earlier, Gold price in Pakistan surged on Monday, moving further out of the public’s reach as the precious metal crossed Rs 445,000 per tola.
According to All Pakistan Sarafa Gems and Jewellers Association, the relentless upward trend reflects global uncertainty and ongoing pressure on the local currency.
Gold prices in Pakistan continued their rise in line with the international market, marking another day of significant increase.
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According to the bullion market, the rate of gold per tola jumped by Rs 2,700, settling at Rs 446,862. Dealers noted that demand remains stable, but affordability has dropped sharply for ordinary buyers.
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Similarly, the price of 10 grams of gold climbed by Rs 2,315 and reached Rs 383,112.
