Gold prices in Pakistan fell sharply for the second consecutive day, extending losses amid a sharp correction in international markets.
Over the past two days, the price of gold has dropped by Rs16,200 per tola. After a reduction of Rs5,500 the previous day, rates fell by another Rs10,700 on Wednesday, bringing the new price to Rs459,462 per tola.
The price of 10 grams of gold also moved lower. It declined by Rs9,174 to settle at Rs393,914.
Read: Gold Price Drops Rs5,500 per Tola in Pakistan Amid Global Pullback
Internationally, gold prices came under pressure as well. Global rates fell by $107 per ounce to $4,371 per ounce, reflecting reduced demand and profit-taking following recent record highs.
Silver prices followed the same downward trend. The price of silver fell by Rs145 per tola, settling at Rs7,930.
Market analysts say volatility in global commodity markets, shifts in investor sentiment, and movements in the US dollar continue to influence precious metal prices, both locally and globally.
