Gold prices in Pakistan witnessed a significant decline on Wednesday, dropping by Rs2,100 per tola. The decrease mirrored a downward trend in international bullion markets, as global economic factors weighed on the precious metal's value.
Price Details
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell to Rs294,500 per tola, down from the previous day's closing of Rs296,600. Similarly, the price of 10 grams of 24-karat gold decreased by Rs1,800 to Rs252,500.
International Factors
The decline in domestic gold prices was primarily driven by a drop in international rates. Global gold prices slipped as the US dollar strengthened and bond yields rose, reducing the appeal of the non-yielding asset. Investors also remained cautious ahead of key economic data releases from the United States.
In the international market, gold was trading at $2,320 per ounce, down from $2,350 per ounce in the previous session.
Silver Prices
Silver prices also witnessed a decrease in the domestic market. The price of silver fell by Rs30 to Rs3,450 per tola, while the rate for 10 grams of silver dropped to Rs2,960.
Market analysts suggest that gold prices may remain volatile in the near term, influenced by global economic indicators and geopolitical developments. Investors are advised to keep a close watch on international trends before making any investment decisions.
