Gold prices fall in Pakistan for third straight day

KARCAHI: Gold prices in Pakistan fell for the third consecutive day on Wednesday, with the price of one tola declining by Rs1,800 to Rs453,936, according to the All Pakistan Gems and Jewellers Sarafa Association.

Gold has become Rs6,300 cheaper per tola over the past three days, following a Rs1,800 decline on Tuesday.

The price of 10 grammes of gold fell by Rs1,544 to Rs389,176, the association said.

Silver prices also declined, with the price of one tola falling by Rs30 to Rs7,008.

The latest decline in local gold prices was attributed primarily to a fall in international bullion prices.

Gold in the international market fell by $18 per ounce to $4,314, according to the association.

Changes in international gold prices directly affect the local bullion market, although movements in the rupee’s value, local demand and supply also influence prices in Pakistan.

The decline comes after gold prices had recently risen to record levels, with investors closely watching global economic conditions, interest-rate expectations and geopolitical developments.