KARACHI: Gold prices in Pakistan witnessed a sharp decline on Wednesday, with the price of 24-karat gold falling by Rs3,700 per tola, reversing the gains recorded earlier in the week.
According to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped to Rs458,236 per tola, compared with Rs461,936 recorded on Tuesday.
The price had remained unchanged at Rs461,936 on Tuesday after gaining Rs2,000 on Monday.
The price of 10 grams of 24-karat gold decreased by Rs3,172 to Rs392,863, while 10 grams of 22-karat gold fell by Rs2,908 to Rs360,137.
The decline was also reflected in the international bullion market, where gold prices fell by $37 to $4,358 per ounce. The local market has remained volatile in recent sessions, with gold moving sharply in both directions.
Earlier, prices had dropped Rs3,500 to Rs460,436 on Aug 13 before declining another Rs500 on Aug 15, while the market subsequently rebounded by Rs2,000 on Aug 17.
Meanwhile, silver prices also recorded a significant decline. The price of 24-karat silver fell by Rs186 to Rs6,800 per tola, while the price of 10 grams of silver decreased by Rs160 to Rs5,829. In the international market, silver prices declined by $1.86 to $63.21 per ounce.
The latest movement highlights continued volatility in the domestic bullion market, where local prices remain closely linked to international bullion rates and currency movements. With global gold prices fluctuating sharply, investors and buyers are likely to keep a close watch on developments in international markets and the rupee-dollar exchange rate for the direction of domestic prices.
