Gold prices in Pakistan witnessed a decline on Wednesday, following a decrease in international rates. Similarly, 10-gram gold saw a price reduction of Rs1,372, now trading at Rs258,487 in the local market.
On Tuesday, gold prices surged by Rs100 per tola, reaching a historic peak of Rs303,100 before pulling back.
After reaching an all-time high in the previous session, gold prices fell by Rs1,600 per tola, settling at Rs301,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the global market, gold prices slipped on Wednesday, with the latest international rate recorded at $2,888 per ounce (including a $20 premium). The price declined by $16 amid shifting investor sentiment.
Gold Prices Hit Record High Before Dropping
Unlike silver prices remained unchanged at Rs3,312 per tola in Pakistan.
Gold’s price decline follows comments from US Federal Reserve Chair Jerome Powell, who signaled a slower pace of interest rate cuts.
Powell stated that the US economy remains strong, and the Federal Reserve is in no rush to lower interest rates, unless inflation drops significantly or the job market weakens.
Since is a hedge against inflation, higher interest rates generally reduce its appeal as a non-yielding asset, leading to a decline in prices.
Investors are now awaiting a key US inflation report, which could further impact prices in the coming days. If inflation remains high, prices may stay volatile.
