Gold prices in Pakistan fall as global rates drop

KARACHI: Gold prices in Pakistan fell by Rs3,000 per tola on Wednesday, following a $30 decline per ounce in the international market.

According to the All Pakistan Gems and Jewellers Association (APGJSA), the price of gold dropped to Rs437,836 per tola.

Similarly, the price of 10 grams of gold decreased by Rs2,572 to Rs375,373, down from Rs377,945 a day earlier.

Silver prices also declined by Rs172 per tola to Rs6,360, according to the association.

In the international market, gold prices fell by $30 per ounce to $4,153, down from $4,183.

Gold prices in Pakistan on Tuesday

On Tuesday, gold prices in the local market increased by Rs900 per tola to Rs440,836.

The price of 10 grams of gold also rose by Rs771 to Rs377,945.

Gold prices witness decline on Monday

On Monday, gold prices fell by Rs2,100 per tola, ending a three-business-day upward trend. The price settled at Rs439,936 per tola, according to the association.

The price of 10 grams of gold declined by Rs1,800 to Rs377,174.

In the international market, gold prices dropped by $21 per ounce to $4,174.

Silver prices also fell by Rs23 per tola to Rs6,532.

Gold prices fluctuate in response to several domestic and international factors, including changes in the US dollar’s value, global economic uncertainty, geopolitical tensions and investor sentiment.

During periods of economic and political uncertainty, investors often consider gold a safe-haven asset. Increased demand can push prices higher, while easing uncertainty may put downward pressure on prices.

In Pakistan, international gold prices and the rupee-dollar exchange rate are among the key factors determining prices in the local market.