Local gold rate drops to Rs437,336 per tola as international bullion price declines $8 to $4,148 per ounce
Gold prices in Pakistan edged lower on Wednesday after registering a sharp increase a day earlier, with the price of 24-karat gold declining by Rs800 per tola amid a modest correction in international bullion rates.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell by Rs800 per tola to Rs437,336, compared with the previous rate.
The price of 10-gram gold also decreased by Rs686, bringing the rate down to Rs374,945, the association said.
The decline in the domestic market came as gold prices also moved lower in the international market. Global gold prices fell by $8 per ounce to $4,148, according to the latest market data cited by the association.
The latest movement represents a modest correction following the substantial increase recorded in the domestic gold market during the previous trading session. Despite Wednesday’s decline, gold remains at an elevated level, keeping the precious metal expensive for jewellery buyers and consumers looking to purchase bullion.
Gold prices in Pakistan generally respond to movements in international bullion rates, while domestic market conditions and currency movements can also influence local pricing.
For jewellery buyers, even relatively small changes in the per-tola rate can have a noticeable impact on the final purchase price, particularly for higher-weight jewellery. Similarly, investors tracking gold as a store of value remain sensitive to daily fluctuations in the bullion market.
The latest decline in international gold prices has therefore provided some relief in the local market, although the Rs437,336-per-tola rate remains significantly high by historical standards.
Market participants will continue to monitor international bullion prices for further direction, with any renewed movement in the global gold market likely to be reflected in domestic gold rates.