Gold prices see big decline in Pakistan

Gold prices in Pakistan continued their downward trend on Wednesday, mirroring a decline in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell by Rs3,400 to Rs345,800 per tola.

The price of 10 grams of 24-karat gold also decreased, dropping by Rs2,915 to Rs296,467. Meanwhile, the 22-karat gold rate was quoted at Rs271,771 per 10 grams.

Silver prices followed suit, declining by Rs70 to Rs3,427 per tola and by Rs60 to Rs2,938 per 10 grams.

The dip in local bullion prices corresponds with a global drop in gold rates. In the international market, spot gold was trading near $3,280 an ounce, down $36.70 or 1.11% from the previous session.

The fall was attributed to a stronger US dollar and easing concerns over geopolitical tensions, which reduced safe-haven demand for the metal.

According to APGJSA data, despite the daily decline, gold has still recorded significant gains year-to-date, rising Rs73,200 per tola since January.