Gold Prices in Pakistan Drop Massively

Gold prices in Pakistan fell significantly on Wednesday, reflecting similar losses seen globally. In the local market, the price of gold per tola dropped by Rs. 7,538 to settle at Rs. 437,362, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10-gram gold also declined, reaching Rs. 374,967 after a decrease of Rs. 6,463. On Tuesday, gold prices had remained stable at Rs. 444,900 per tola in the local market. Internationally, gold rates also saw a notable decrease. The price stood at $4,150 per ounce (with a $20 premium), down by $85, as per APGJSA. Silver prices in Pakistan followed the downward trend, with the price per tola falling by Rs. 151 to Rs. 5,110. Global gold prices continued to slide on Wednesday, pressured by signs of easing U.S.-China trade tensions and profit-taking after bullion’s recent record rally. Investors are also awaiting key U.S. inflation data due later this week. Spot gold was down 0.4% at $4,109.19 per ounce as of 0236 GMT, after falling more than 5% on Tuesday in its steepest drop since August 2020. Meanwhile, U.S. gold futures for December delivery rose 0.4% to $4,124.10 per ounce.