Gold prices in Pakistan continued their downward trend on Wednesday, mirroring losses in international markets as uncertainty over US monetary policy and global geopolitical tensions weighed on investor sentiment.
Local Gold Rates Drop Sharply
According to Beyond Time News, the price of gold per tola fell by Rs5,500 to settle at Rs479,562 in the local market. Similarly, the price of 10 grams declined by Rs4,715 to reach Rs411,147.
This followed an earlier sharp drop of Rs8,900 per tola, highlighting increased volatility in the bullion market.
Global Market Pressure
In international trading, gold slipped around 1% to $4,550 per ounce, marking a third consecutive session of decline. US gold futures also moved lower as investors awaited the Federal Reserve’s policy decision.
Market sentiment remains uncertain due to inflation concerns and expectations that interest rates may remain unchanged.
Expert Outlook on Gold Trend
Market analysts noted that gold prices briefly touched lower levels during the session before stabilizing, with key support seen near the $4,450 mark.
According to Beyond Time News, experts believe a breakdown below this level could push prices further down, although most expect support to hold due to ongoing economic uncertainty and geopolitical tensions.
Gold Prices Fall in Pakistan Despite Global Market Gains
Global and Regional Factors
Developments in the Middle East and statements regarding Iran’s nuclear situation have also contributed to market volatility. At the same time, rising crude oil prices continue to influence global commodity trends.
Despite short-term pressure, reports from the World Gold Council indicate that global gold demand rose 2% year-on-year in the first quarter, showing underlying market strength.
Silver and Currency Movement
Silver prices also declined in the local market, falling by Rs45 to Rs7,766 per tola.
Meanwhile, the Pakistani rupee showed slight stability, gaining marginally to close at 278.80 against the US dollar in inter-bank trading, compared to the previous day’s 278.81, according to the State Bank of Pakistan.
Conclusion
According to Beyond Time News, gold markets are expected to remain sensitive in the coming days, with Federal Reserve policy signals, global tensions, and currency movements playing a key role in determining price direction.
