Pakistan Gold Prices Plummet Amid Global Market Sell-Off
Gold prices in Pakistan plummeted on Wednesday, with the price of 24-carat gold dropping by Rs11,300 per tola to Rs454,036. According to the All Pakistan Gems and Jewellers’ Sarafa Association (APGJSA), this is a significant decline from Tuesday's price of Rs465,336 per tola.
The drop in local prices follows a similar trend globally, with spot gold trading around $4,303 per ounce on Wednesday, down about 0.6 per cent. The US dollar's strength and growing expectations of higher interest rates have contributed to the decline in international bullion markets.
The Pakistani bullion market generally tracks international gold prices, while domestic rates are also influenced by the rupee-dollar exchange rate and local demand. On Tuesday, gold had already fallen by Rs800 per tola, and with this latest drop, the cumulative decline over the past two sessions totals Rs11,300.