KARACHI – Gold extended losses for second consecutive day in domestic market of Pakistan on Wednesday in line with downward global trend.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold rate plunged by Rs2,400 to settle at Rs306,300.
Similarly, the price of 10-gram gold decreased by Rs2,058 wits new price fixing at Rs262,602.
The precious commodity also recorded losses in the international market where per ounce rate fell by $24 to reach $2,916.
A day earlier, the gold prices in Pakistan moved down by Rs800 per tola to close at Rs308,700 while the rate of 10-gram closed at Rs265,346 after witnessing a decline of Rs686.
Earlier this month, the yellow metal recorded massive gains to hit all-time high with experts suggesting that the rise in gold prices was linked to concerns about the potential devaluation of major global currencies.
As a result, nations that oppose US policies have been increasingly purchasing gold as a hedge against economic instability. This shift in investment strategies is contributing to the daily record highs observed in both global and local gold markets.
