Gold prices in Pakistan saw a slight decline on Wednesday, with the rate for 24-karat gold falling by Rs300 to Rs248,200 per tola.
The Karachi Sarafa Association reported that the price of 24-karat gold also decreased to Rs212,791 per 10 grammes, marking a drop of Rs236. Similarly, the price of 22-karat gold was adjusted to Rs195,059 per 10 grammes.
This decrease in gold prices can be attributed to a significant reduction in purchasing power, with the current rate maintained at Rs4,000 below its actual cost.
In contrast, silver prices remained stable in the domestic market. The price for 24-karat silver was steady at Rs2,850 per tola and Rs2,443.41 per 10 grammes.
On the global stage, international spot gold traded near $2,418.3 per ounce, down by 0.11 per cent for the day. A notable trend is emerging in China, the world’s largest consumer of gold, where bullion imports have slowed.
April saw overseas purchases of physical gold fall to 136 tons, a 30 per cent decrease from the previous month and the lowest total for the year, as per the latest customs data.
Meanwhile, international silver prices held near an 11-year high. The surge in silver prices is driven by increased investor interest, a favourable macroeconomic environment, and a projected fourth annual market deficit.
The evolving dynamics in the precious metals market reflect broader economic trends and shifting consumer behaviours globally.
