Gold price falls by Rs11,700 per tola in Pakistan

Gold prices in Pakistan saw a significant drop on Wednesday, tracking international market trends, as the yellow metal lost its safe-haven appeal.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold declined by Rs11,700 per tola, settling at Rs352,000.

The rate for 10 grams of 24-karat gold dropped by Rs10,031 to Rs301,783. Similarly, 22-karat gold was quoted at Rs276,644 per 10 grams.

In contrast, silver prices rose modestly in the domestic market. The price of 24-karat silver increased by Rs16 to Rs3,457 per tola and by Rs13 to Rs2,963 per 10 grams.

Data shows that gold has risen by Rs33,400 over the past month, Rs110,300 since the start of the fiscal year, and Rs79,400 in the calendar year to date.

On the global front, spot gold traded near $3,336 an ounce, down slightly by $0.5 or 0.01% from the previous session.

The international decline followed comments by U.S. President Donald Trump, who reversed his stance on removing Federal Reserve Chair Jerome Powell and expressed optimism regarding a potential trade agreement with China. The shift in tone dampened bullion’s appeal as a safe-haven asset.