Gold rates in Pakistan slipped Rs3,000 per tola on Wednesday, following a $30 per ounce decline in the international market, the All Pakistan Gems and Jewellers Association (APGJSA) said. The association put the new price at Rs437,836 per tola. Ten grams of gold lost Rs2,572, settling at Rs375,373 compared with Rs377,945 a day earlier.
Silver also weakened, shedding Rs172 per tola to reach Rs6,360, according to the association. Internationally, gold was quoted at $4,153 an ounce, down $30 from $4,183.
Gold price moves earlier in the week
On Tuesday, the local market pushed prices up by Rs900 per tola to Rs440,836, while ten grams rose Rs771 to Rs377,945. Monday told a different story: gold dropped Rs2,100 per tola, snapping a three-business-day upward trend, and settled at Rs439,936. Ten grams fell Rs1,800 to Rs377,174, while the international price slid $21 to $4,174 an ounce. Silver declined Rs23 per tola to Rs6,532 that day.
What drives gold prices in Pakistan
Gold prices respond to several domestic and international factors, including movements in the US dollar, global economic uncertainty, geopolitical tensions and investor sentiment. Investors often treat gold as a safe-haven asset during periods of economic and political uncertainty. Rising demand can lift prices, whereas easing uncertainty may exert downward pressure.
Locally, international gold rates and the rupee-dollar exchange rate are among the main determinants of domestic prices.
