Gold Prices Fall in Global and Local Markets
Gold prices declined for the second consecutive day in both international and domestic markets on Wednesday, reflecting the ongoing volatility in global bullion trends. In the international market, the precious metal dropped by $10 per ounce to $3,970, while in Pakistan, gold prices also continued their downward movement. Experts attribute this decline to reduced demand, fluctuating global prices, and the strengthening of the US dollar, which has reached a three-month high. Investors are now closely monitoring upcoming US economic data for signals regarding the Federal Reserve’s monetary policy direction.
Gold Price Decline Summary
| Market/Category | New Price |
|---|---|
| Global Market (per ounce) | $3,970 |
| Pakistan (per tola) | Rs419,362 |
| Pakistan (per 10 grams) | Rs359,535 |
| Previous Day (per tola) | Rs420,362 |
| Previous Day (per 10 grams) | Rs360,392 |
| Earlier Rise (per tola)** | Rs423,862 |
| Daily Decrease (Wednesday) | Rs1,000 per tola |
| Daily Decrease (Tuesday) | Rs3,500 per tola |
Market Experts Comment on Downtrend
Global Gold Trends and Forecast
According to Adnan Agar, Director at Interactive Commodities, the current gold market is undergoing a downward correction phase. He noted that gold’s recent high was $4,000, with a low around $3,928, and that the strongest support level lies near $3,914. Should prices break below this point, the market could test levels around $3,850 to $3,800, from where a rebound of $150–$200 may be expected. Despite short-term bearishness, analysts anticipate that investor demand could return once the market stabilizes.
Local Impact in Pakistan
In Pakistan, the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported a steady decline, mirroring the global pattern. Domestic jewellers believe the dip is temporary, influenced largely by currency strength, import fluctuations, and holiday-season demand patterns.
Key Highlights
- Gold prices fell for the second straight day both globally and locally.
- The US dollar’s strength continues to pressure international bullion markets.
- Experts expect support near $3,914, with potential for a rebound if it holds.
For more official updates, visit the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) official site.
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