KARACHI: Gold prices in Pakistan continued their downward spiral, falling by Rs1,400 per tola on Wednesday, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This marks the second consecutive day of decline, following a Rs1,000 per tola decrease on Tuesday. The current price of gold in local markets now stands at Rs260,100 per tola.
The decline in gold prices is attributed to a downturn in international gold prices, which also fell by $17 per ounce on Wednesday, settling at $2,481 per ounce, including a $20 premium.
This global dip has had a ripple effect on Pakistan’s gold market, causing prices to drop.
Notably, gold prices in Pakistan had reached a record high of Rs263,700 per tola in August, but have since experienced a correction.
The APGJSA’s data indicates a significant decrease in gold prices over the past two days, bringing relief to consumers but potentially impacting gold traders and investors.
