Gold prices in Pakistan saw a significant decline on Wednesday, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 24-karat gold dropped by Rs1,600 per tola, settling at Rs301,500. Similarly, the rate for 10 grams of 24-karat gold fell by Rs1,372 to Rs258,487.
This decline follows a record high on Tuesday, when gold prices had risen by Rs100 per tola, reaching Rs303,100.
The drop in local gold prices aligns with international trends, as global gold rates also declined. APGJSA reported that gold was priced at $2,888 per ounce (including a $20 premium), reflecting a $16 decrease during the day.
Meanwhile, silver prices in Pakistan remained unchanged at Rs3,312 per tola.
Globally, gold prices slipped after reaching an all-time high in the previous session. The decline came after US Federal Reserve Chair Jerome Powell’s hawkish remarks reinforced expectations of slower interest rate cuts this year. Investors are now closely watching an upcoming US inflation report.
