Pakistan gold market sees Rs1,000 decline per tola after rally

After two consecutive days of significant gains, gold prices fell by Rs1,000 per tola on Wednesday.

According to the All Pakistan Gems and Jewellers Sarafa Association, gold prices dropped by Rs1,000, reaching Rs434,762 per tola.

The price of 24-karat gold per 10 grams fell by Rs857 from the previous day, settling at Rs372,738. Similarly, 22-karat gold also saw a decline, with its 10-gram rate dropping to Rs341,688.

In contrast, silver prices rose by Rs81, reaching Rs5,434 per tola and Rs4,658 per 10 grams.

On the international market, gold prices dipped slightly on Wednesday, pulling back after a recent rally that had pushed the metal to a nearly three week high.

Spot gold slipped 0.2 percent to $2,116.65 per ounce, as a stronger US dollar and investor profit taking weighed on prices.

Market experts said the decline represents a normal correction following gold’s sharp rise in recent sessions, which had been driven by expectations of additional interest rate cuts by the US Federal Reserve.