KARACHI: Gold prices in Pakistan experienced a sharp drop on Wednesday, following news of a potential interest rate cut in the United States.
As reported by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold plummeted by Rs7,538 per tola, bringing it down to Rs437,362. Meanwhile, the cost of 10 grams of 24-carat gold declined by Rs6,463, settling at Rs374,967.
Additionally, 22-carat gold also fell significantly, with 10 grams priced at Rs343,732, marking a decrease of Rs5,924 compared to the previous day.
Globally, gold faced a similar downward trend, losing $85 and dropping to $4,150 per ounce. This decrease reflects the ongoing pressure from strengthening international currencies and cautious investor behaviour.
Following gold’s trajectory, silver prices in the local market also registered notable reductions. The price of 24-carat silver fell by Rs151 to reach Rs5,110 per tola, while its 10-gram equivalent saw a decrease of Rs129, settling at Rs4,381.
Experts highlight that fluctuations in the interbank exchange rate coupled with uncertain global demand continue to exert influence on precious metal prices in Pakistan.
