Gold prices continued their downward trend for the second consecutive day on Wednesday, with both international and Pakistani markets reflecting a synchronized retreat in the value of the precious metal. The decline comes amid shifting investor sentiment in the global bullion market.
Local Market Reaction in Pakistan
According to data released by the All Pakistan Sarafa Association, the domestic bullion market saw a significant single-day drop. The price of 24-karat gold decreased by Rs1,000 per tola, settling at a new rate of Rs426,436. Similarly, the price for 10 grams of gold fell by Rs857, bringing the rate to Rs365,600.In contrast to the falling gold prices, silver experienced an upward movement. The association reported that the price of 24-karat silver rose by Rs68 per tola, reaching Rs6,291.
International Pressure on Bullion
The local price drop mirrored a broader decline in the international market, which typically sets the benchmark for domestic rates. In global trading, the spot price of gold shed $10 per ounce, tumbling to around the $4,040 level. This international dip exerted immediate downward pressure on local valuations.
Market analysts often link such synchronized movements to fluctuations in the US dollar index and shifting expectations regarding monetary policy in major economies. The consecutive decline suggests a short-term bearish phase for the safe-haven asset as traders adjust their positions.
