All Pakistan Gems and Jewellers Association released the data and said that the price of 24-karat gold fell by Rs1,400 per tola, and settled at Rs355,200
KARACHI: The price of gold in Pakistan continued its downward trend on Wednesday, marking the second consecutive day of decline, in line with international market movement.
All Pakistan Gems and Jewellers Association released the data and said that the price of 24-karat gold fell by Rs1,400 per tola, and settled at Rs355,200. Meanwhile, the price of 10 grams of gold dropped by Rs1,201, and reached Rs304,526.
The fall in domestic prices comes as the global market also recorded a decline. Internationally, gold lost $14 per ounce, trading at $3,325. Analysts suggest that fluctuations in the international bullion market, coupled with a stronger US Dollar, are putting downward pressure on prices.
The jewellers said that the recent drop could provide some relief to buyers who had been discouraged by record-high prices earlier this month.
However, they cautioned that volatility remains, and prices could rebound if international demand rises or geopolitical uncertainty intensifies.
Gold is traditionally considered a safe-haven asset in Pakistan, where demand often rises during periods of economic instability and Currency depreciation.
