ISLAMABAD: The decline in gold prices in Pakistan’s local market on Wednesday increased in line with the global trend.
According to data shared by the All-Pakistan Gems and Jewelers Association, the price of gold per tola decreased by Rs 2,400 to Rs 306,300.
Similarly, the price of 10 grams of gold decreased by Rs 2,058 and the new price was set at Rs 262,602.
The precious commodity also recorded losses in the international market where the per ounce rate decreased by $ 24 to $ 2,916.
A day earlier, the price of gold per tola in Pakistan had closed at Rs 308,700 after a decrease of Rs 800, while the price of 10 grams closed at Rs 265,346 after a decrease of Rs 686.
Earlier this month, the yellow metal recorded a massive surge to hit an all-time high, with experts believing the rise in gold prices was linked to concerns about a potential devaluation of major global currencies.
As a result, nations opposed to US policies are buying gold as a hedge against economic instability. This shift in investment strategies is driving global and local gold markets to record daily highs.
