Gold prices in Pakistan declined sharply on Wednesday, August 19, with the price of 24-karat gold falling by Rs. 3,700 per tola after remaining unchanged the previous day.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped to Rs. 458,236 per tola.
The decline came alongside a fall in international gold prices, with global bullion rates also moving lower after a two-day break.
10-Gram Gold Price Falls
The price of 24-karat gold also decreased in the 10-gram category.
The rate fell by Rs. 3,172, bringing the price of 10 grams of 24-karat gold to Rs. 392,863.
Meanwhile, 10 grams of 22-karat gold became cheaper by Rs. 2,908, with the new price settling at Rs. 360,137.
The latest decline comes after gold prices in Pakistan had remained stable at Rs. 461,936 per tola on Tuesday.
International Gold Price Also Declines
The downward trend was also recorded in the international bullion market.
Global gold prices fell by $37 per ounce, bringing the international rate to $4,358 per ounce.
The movement in international gold prices can have a direct impact on local bullion rates, along with currency fluctuations and domestic market conditions.
Silver Prices Also Fall
Silver prices in Pakistan also declined on Wednesday.
The price of 24-karat silver fell by Rs. 186 per tola, bringing the new rate to Rs. 6,800 per tola.
The price of 10 grams of silver also decreased by Rs. 160, settling at Rs. 5,829.
Both gold and silver therefore recorded declines in the domestic market as precious metal prices moved lower internationally.
For consumers and investors, the latest movement marks a notable change after gold had remained above Rs. 460,000 per tola earlier in the week.
Also read: Gold Price in Pakistan Today
