According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell to Rs437,836 per tola.
The price of 10 grams of 24-karat gold decreased by Rs2,572 to Rs375,373, while 10 grams of 22-karat gold fell by Rs628 to Rs343,712.
Silver prices also declined in the local market. The price of silver dropped by Rs172 per tola to Rs6,360, while 10 grams of silver fell by Rs148 to Rs5,452.
In the international bullion market, gold prices decreased by $30 per ounce to $4,153 on Wednesday.
The latest decline followed an increase on Tuesday, October 13, when gold prices rose by Rs900 per tola to Rs440,836. The price of 10 grams of gold increased by Rs71 to Rs377,945.
On October 12, gold prices had fallen by Rs2,100 per tola and Rs1,800 per 10 grams, bringing the rates to Rs439,936 per tola and Rs377,174 per 10 grams, respectively.
Gold prices are influenced by several factors, including movements in the US dollar, global economic uncertainty, geopolitical tensions and investor sentiment. In Pakistan, the rupee-dollar exchange rate also plays an important role in determining local gold prices.
