The gold price in Pakistan witnessed a steep decline on Wednesday, following reports of a US interest rate cut that affected international markets.
According to the All Pakistan Sarafa Gems and Jewellers Association, the gold price for 24-carat gold fell by Rs7,538 per tola, settling at Rs437,362. Similarly, the rate for 10 grams of 24-carat gold decreased by Rs6,463, bringing it to Rs374,967.
For 22-carat gold, the price per 10 grams dropped by Rs5,924, reaching Rs343,732. The decline has raised concerns among local traders and investors, who continue to monitor global economic indicators and currency movements.
On the international market, the gold price also experienced a significant drop. It fell by $85, reaching $4,150 per ounce, as the strength of major global currencies increased and investor sentiment weakened. Analysts attribute this fall to shifting monetary policies in major economies and cautious trading behavior.
Silver prices followed a similar trend. The price of 24-karat silver per tola decreased by Rs151, standing at Rs5,110. Likewise, 10 grams of silver fell by Rs129 to Rs4,381. The drop in both gold and silver prices reflects the broader volatility in the precious metals market.
Experts suggest that fluctuations in Pakistan’s interbank exchange rate and uncertainty in global demand are contributing factors to the current decline. They believe that the upcoming economic data from the United States and other major markets will likely influence gold trading trends in the days ahead.
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Investors are being advised to stay cautious and keep a close watch on international market movements, as further adjustments in interest rates or currency values could continue to affect the gold price in Pakistan.
