The price of gold experienced a significant decline in the local market on Wednesday, with 24-karat gold per tola decreasing by Rs5,200 to settle at Rs419,636, as per rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APGSJA).
Drop in 10-Gram Gold Prices
Similarly, the price of 10 grams of 24-karat gold fell by Rs4,458 to Rs359,770, while 10 grams of 22-karat gold declined by Rs4,086 to Rs329,801.
International Gold Market
In the international market, the price of gold decreased by $52 to $3,972 per ounce, reflecting a global trend of declining bullion values.
Silver Prices Also Fall
Meanwhile, the price of silver per tola declined by Rs107 to Rs6,242, and the price of 10 grams of silver fell by Rs92 to Rs5,351. The international silver price also decreased by $1.07 to $57.63 per ounce, the association reported.
Context and Impact
The decline in gold and silver prices comes amid global economic factors, including a stronger US dollar and rising bond yields. Local jewellers expect the downward trend to continue in the near term, potentially boosting demand for gold in the wedding season.
