KARACHI: Gold prices retreated on Wednesday as both global and domestic markets recorded declines following a brief period of stability.
In international trading, the price of gold slipped by $10 per ounce, bringing the global rate down to $4,124. The dip in the global bullion market was mirrored in Pakistan, where local gold prices also moved lower.
According to market figures, the price of 24-karat gold per tola in Pakistan dropped by Rs. 1,000, closing at Rs. 434,762. Similarly, the rate for 10 grams of 24-karat gold fell by Rs. 857, settling at Rs. 372,738.
Silver prices also softened. The cost of one tola of silver decreased by Rs. 81, bringing the new price to Rs. 5,434. Meanwhile, the rate for 10 grams of silver declined by Rs. 69, now standing at Rs. 4,658.
Market analysts attribute the declines to shifting global economic sentiment, which has influenced demand for precious metals over the past week.