Pakistan gold falls Rs10,000 per tola
Local bullion prices dropped sharply Wednesday as international gold eased, while silver prices recorded moderate gains in Pakistan’s domestic market.
Gold prices in Pakistan dropped sharply on Wednesday following a decline in international bullion markets.
The All Pakistan Sarafa Gems and Jewellers Association released the latest interbank-linked bullion rates for domestic markets.The price of 24-karat gold fell to Rs539,962 per tola on March 4.
The rate declined by Rs10,000 compared with the previous trading session. The association said local bullion prices remain tied closely to global markets and currency movements.
The price of 10 grams of 24-karat gold also declined noticeably during Wednesday trading. It settled at Rs462,930 after falling Rs8,573 from the previous quoted level.
Meanwhile, the price of 10 grams of 22-karat gold dropped to Rs424,367. The decline represented a decrease of Rs7,859 compared with earlier market rates.
Read More: Gold Prices Rise Sharply Across Pakistan
International gold prices also slipped during the latest trading session, influencing domestic bullion markets.
Global gold was quoted at $5,172 per ounce after falling by $100. Analysts say fluctuations in the US dollar and interest rate expectations often affect bullion prices worldwide.
Silver prices in Pakistan moved in the opposite direction during Wednesday’s trading session.
The price of silver rose to Rs9,004 per tola after gaining Rs100. Meanwhile, the rate of 10 grams of silver increased to Rs7,719. That represented an increase of Rs86 compared with the previous market quote.
International silver prices also recorded a slight increase during global commodity trading. The global silver price rose to $85.20 per ounce after gaining $1.0.
Local traders often adjust domestic silver prices according to international movements and currency changes.
Muhammad Qasim Shikarpuri, president of the All Pakistan Sarafa Gems and Jewellers Association, oversees the official bullion rate announcement.
The association publishes daily gold and silver prices based on interbank exchange rates. These rates are widely used by jewellers and bullion traders across Pakistan.