Gold prices in Pakistan decline further

KARACHI: Gold prices in Pakistan saw a significant decline on Wednesday, with the per tola rate falling by Rs2,245.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold per tola now stands at Rs359,055.

Meanwhile, the price of 10 grams of 24-carat gold dropped by Rs1,925 to reach Rs307,831.

The decline follows fluctuations in the international bullion market and shifting investor sentiment, as global gold prices continue to adjust amid changing economic signals due to the Iran-Israel conflict.

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Yesterday, gold prices in Pakistan had fallen by Rs1,000 per tola, continuing a downward trend driven by the volatile market situation triggered by the Middle East crisis.

The 24-karat gold prices had dropped to Rs361,300 per tola, while the rate for 10 grams had declined by Rs857 to settle at Rs309,756.

Since the conflict between Iran and Israel escalated and the two countries started launching lethal attacks on each other, gold prices in Pakistan started to decline after reaching all time high last week.

On Monday, gold prices had dropped by Rs700 per tola, placing the local rate at Rs362,300.

Similarly, the price for 10 grams of 24-karat gold had fallen by Rs600 to Rs310,613.

For 22-karat gold, the price for 10 grams was recorded at Rs284,738, reflecting a decrease of Rs550.

On the other hand, silver prices remained stable, with one tola of silver priced at Rs3,787 and 10 grams at Rs3,246.