Gold prices nosedive in Pakistan

KARACHI: Gold prices recorded a significant decline in both local and international markets on Wednesday, with the price of a tola falling by Rs3,700 in Pakistan.

According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of one tola of gold decreased to Rs458,236 after the latest decline.

The price of 10 grammes of gold also fell by Rs3,172, settling at Rs392,863**.

Meanwhile, gold prices in the international market declined by $37 to $4,358 per ounce.

The movement in international gold prices is influenced by several factors, including fluctuations in the value of the US dollar, expectations regarding interest rates and investor sentiment.

Changes in global gold prices are generally reflected quickly in local markets, including Pakistan.

Gold prices are also affected by global economic conditions, central bank policies, inflation concerns and geopolitical tensions. These factors can trigger significant fluctuations as investors often turn to gold as a safe-haven asset during periods of economic or political uncertainty.

The latest decline comes amid continued volatility in global gold markets, where investors remain focused on monetary policy expectations and movements in major currencies.