Gold loses shine in Pakistan amid global price drop

Karachi: Gold prices in Pakistan declined for the third consecutive session, with 24-karat gold dropping to Rs359,055 per tola on Wednesday, June 18.

According to data released by the All Pakistan Sarafa Association, gold prices fell by Rs2,245 per tola, while the price of 10 grams dropped by Rs1,925, bringing it down to Rs307,831. On Tuesday, the price had already fallen by Rs1,000 per tola to Rs361,300 in Karachi, continuing the downward trend.

The decline aligns with a similar movement in international markets, where the global gold rate decreased by $20, settling at $3,378 per ounce, including a $20 premium. Analysts cite reduced investor demand, global economic uncertainty, and currency fluctuations as key factors behind the ongoing drop in prices.

In contrast, silver prices recorded a slight increase. The price per tola of silver rose by Rs22, reaching Rs3,878. Local jewellers remain attentive to international market trends, which continue to heavily influence domestic pricing.