Web Desk: Gold prices fell sharply across Pakistan on Wednesday, extending losses from the previous trading session as weaker international bullion prices filtered through to the domestic market.
According to the All Pakistan Sarafa Jewellers Association, the price of one tola of gold dropped by 4,100 Pakistani rupees to 424,836 rupees.
Meanwhile, the price of 10 grams of gold declined by 3,515 rupees to 364,228 rupees.
The decline in domestic prices followed another drop in international bullion markets. The price of gold in the global market fell by $41 per ounce to $4,024 per ounce, continuing a downward trend that has influenced local pricing.
Market analysts said fluctuations in global gold prices, movements in the U.S. dollar, central bank monetary policies and shifts in investor sentiment remain the key drivers of gold prices in Pakistan.
Traders said domestic gold prices could continue to fluctuate in the coming days if the downward trend in international markets persists.
The latest decline comes after a sharp drop recorded on the first trading day of the week. On Tuesday, the price of one tola of gold fell by 2,300 rupees, while the price of 10 grams declined by 1,972 rupees, reflecting continued volatility in both global and local bullion markets.
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