What’s going on with gold price in Pakistan?

KARACHI: Gold continued its downward trajectory on Wednesday, becoming cheaper for the second day in a row after Tuesday’s steep fall.

According to data from the bullion market, the price of gold dropped by another Rs 1,000 per tola, settling at Rs 443,162. Ten grams also registered a decline of Rs 858, bringing the price down to Rs 379,939.

This decline follows yesterday’s sharp drop of Rs 2,700 per tola, when the price had fallen from Rs 446,862 on Monday to Rs 444,162 on Tuesday. With today’s decrease, gold has now lost a total of Rs 3,700 per tola over the past two days.

In the international market, gold prices also moved downward, slipping $10 to $4,208 per ounce. On Tuesday, global bullion had recorded an increase of $27 to reach $4,245 per ounce, making today’s dip a reversal of that gain.

While gold continued to weaken, silver prices moved in the opposite direction. The rate of silver rose by Rs 81 per tola to Rs 6,085, following fluctuations observed a day earlier when it had closed at Rs 5,963 after Monday’s increase.

Market analysts note that today’s additional decline mirrors yesterday’s trend, pointing to ongoing profit-taking and a steadying US dollar, both of which continue to pressure bullion prices. Despite the recent pullback, gold remains volatile, especially after last week’s strong upward run that saw gains of around Rs 12,000.