KARACHI – The gold prices in Pakistan continued their downward trend on Wednesday as the price of 24-karat gold fell by Rs1,000 per tola in line with a decline in international bullion markets.
All Pakistan Gems and Jewellers Association said that the price of one tola of 24-karat gold dropped by Rs1,000, bringing the new rate to Rs426,436.
The reduction provides slight relief to consumers and jewellery buyers who have been facing record-high gold prices in recent months.
The association also reported a decrease in the price of 10 grams of gold, which fell by Rs857 to Rs365,600. The latest adjustment reflects the movement of international gold prices, which continue to influence domestic rates in Pakistan.
In the global market, the price of gold declined by $10 per ounce, settling at $4,040 per ounce. Fluctuations in international bullion prices, driven by changing investor sentiment, movements in the US dollar, and expectations regarding global interest rates, often have a direct impact on local gold prices.
Gold is widely regarded as a safe-haven investment during periods of economic uncertainty. However, prices can move lower when investors shift towards riskier assets or anticipate tighter monetary policies in major economies.
In Pakistan, changes in gold prices are closely monitored by jewellers, investors, and consumers, particularly during the wedding season and festive occasions when demand for gold jewellery typically increases. Market analysts say domestic prices are largely determined by trends in the international bullion market, along with fluctuations in the exchange rate of the Pakistani rupee against the US dollar.
Despite the latest decline, gold prices remain near historic highs, and market experts believe future movements will depend on global economic developments and investor confidence.
