Gold prices decline in local and global markets

In the local market, gold price per tola lost Rs1,600 on Wednesday to settle at Rs301,500.

Similarly, 10-gram gold was sold at Rs258,487 after it recorded a decrease of Rs1,372, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Tuesday, gold price per tola gained Rs100 to reach an all-time high of Rs303,100.

Meanwhile, the international rate of gold decreased on Wednesday. As per APGJSA, the rate was at $2,888 per ounce (with a premium of $20) and was down by $16 during the day.

Meanwhile, silver prices remained stable at Rs3,312 per tola.

Internationally, gold prices slipped on Wednesday after rising to an all-time high in the previous session, as Federal Reserve Chair Jerome Powell’s hawkish comment cemented views of slower rate cuts this year, while investors awaited a key US inflation report.