Gold prices decline by Rs11,700 to 352,000 per tola in Pakistan

Karachi (Web Desk): Gold prices witnessed a significant downturn in the local market on Wednesday, as investor sentiment shifted amid changing global cues.

According to All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the rate for 24 karat gold per tola fell by Rs13,000, settling at Rs350,700, down from the previous day’s Rs363,700.

The decline was mirrored in the 10-gram measure of the same purity, which dropped by Rs11,145 to trade at Rs301,200.

Gold of 22 karat quality also saw its value slide, with the new rate for 10 grams recorded at Rs276,100, reflecting a decrease of Rs9,900.

In contrast to gold's downtrend, silver extended its upward movement. The price per tola of silver increased by Rs20 to reach Rs3,460, while the 10-gram price rose to Rs2,968 after a Rs14 gain.

The price of gold in the international market decreased by $116 to $3,338 from $3,454 whereas that of silver went up by $0.16 to $32.93.