Gold prices in Pakistan continued their downward trend on Wednesday, marking the fourth consecutive day of decline as international bullion prices also moved lower.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell by Rs1,800 per tola, bringing the new rate to Rs453,936 per tola.
The decline follows a series of consecutive drops in the local gold market, while international gold prices also recorded a decrease during the latest trading session.
24-Karat Gold Price Falls Further
The price of 24-karat gold per tola decreased by Rs1,800 on Wednesday.
Following the latest reduction, one tola of 24-karat gold is now priced at Rs453,936 in Pakistan.
The latest fall extends the downward movement seen in the local market over the previous three trading sessions.
Gold prices in Pakistan are influenced by international bullion rates as well as currency movements and other market factors.
10-Gram Gold Rate Also Declines
The price of 24-karat gold also declined on a 10-gram basis.
According to the latest rates, the price of 10 grams of 24-karat gold fell by Rs1,544, settling at Rs389,176.
Meanwhile, 10 grams of 22-karat gold decreased by Rs1,416 and reached Rs356,757.
The latest reductions have brought down prices across the major gold categories tracked by the local jewellery market.
International Gold Price Falls
The decline in Pakistan’s gold market coincided with a drop in international bullion prices.
In the global market, gold fell by $18 per ounce, with the international price reaching $4,314 per ounce.
The international market remains an important factor in determining domestic gold prices, with changes in global bullion rates eventually reflected in local markets.
The latest international decline therefore contributed to the continued downward movement in gold prices in Pakistan.
Gold Prices Decline for Fourth Straight Day
Wednesday’s reduction marks the fourth consecutive day in which gold prices have fallen in Pakistan.
The continued decline comes after gold prices had reached elevated levels, keeping the precious metal under close observation among investors, jewellers and consumers.
Daily changes in international bullion prices can affect local rates, particularly when combined with movements in the Pakistani rupee and other market conditions.
The latest figures indicate that both domestic and international markets are currently experiencing downward pressure on gold prices.
Silver Prices Also Fall
Silver prices in Pakistan also moved lower alongside gold.
The price of 24-karat silver declined by Rs30 per tola, bringing the latest rate to Rs7,008.
Similarly, the price of 10 grams of silver decreased by Rs25, reaching Rs6,008.
The decline means both major precious metals tracked in the local market recorded lower prices during Wednesday’s trading.
Precious Metals Market Remains Under Watch
Gold and silver prices are closely monitored in Pakistan because precious metals are commonly used for jewellery, savings and investment.
Changes in international bullion prices can have a direct impact on local rates, while currency fluctuations can also influence the final price paid by buyers.
For consumers looking to purchase jewellery, the latest reduction means the quoted gold rate is lower than it was at the beginning of the current four-day decline.
However, jewellery prices can differ from the benchmark bullion rate because of additional costs such as making charges and other applicable expenses.
With international gold prices also falling, market participants will continue to watch global developments for indications of the direction of bullion prices in the coming sessions.
For now, the latest figures show that gold has continued its downward movement in Pakistan for a fourth consecutive day.
Also read: Huge Drop in Gold Prices in Pakistan
