Gold Prices Witness Major Decline in Pakistan

Gold prices recorded a significant decline across Pakistan’s bullion markets on Wednesday, providing slight relief to buyers after continuous increases in recent weeks.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold decreased by Rs1,100, bringing the new rate down to Rs491,362.

Similarly, the price of 10 grams of gold dropped by Rs943 and settled at Rs421,263 in local markets.

Market analysts say the decline in domestic gold prices follows a decrease in international bullion rates. In the global market, gold prices fell by 11 dollars per ounce, reaching 4,690 dollars per ounce.

Traders believe fluctuations in the international market and changing investor sentiment are continuing to impact local gold prices in Pakistan.