In a shift from its recent upward trend, gold prices in Pakistan experienced a decline on Wednesday, with the price of 24-karat gold dropping by Rs1,100 per tola to reach Rs214,800.

The Karachi Sarafa Association reported that the cost of 10 grammes of 24-karat gold also saw a decrease, settling at Rs184,156, reflecting a decline of Rs944.

Additionally, 10-gramme 22-karat gold was valued at Rs168,810.

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In contrast, silver prices remained steady on the day, with 24-karat silver maintaining its position at Rs2,570 per tola and Rs2,203.36 per 10 grammes.

On the global stage, international spot gold demonstrated resilience, trading at $2,026.92, marking a 0.17% increase for the day.

However, international spot silver experienced a slight dip, standing at $22.33, reflecting a 0.55% decrease.

Market observers are closely watching key inflation data and anticipating remarks from Federal Reserve officials this week to gain insights into the central bank’s potential decision regarding interest rates.

It is noteworthy that the latest Federal Reserve minutes have indicated that most US officials are not in a hurry to implement rate cuts.