Gold prices in Pakistan fell on Wednesday, with per tola rates dropping Rs1,200 to Rs498,962 despite a recovery in international bullion markets. Silver also declined, while the rupee posted a slight gain against the US dollar.
ISLAMABAD: Gold prices in Pakistan moved lower on Wednesday, even as bullion prices in the international market recovered from a more than one-week low.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola in the local market dropped by Rs1,200 to close at Rs498,962. The price of 10 grams of gold also declined by Rs1,029, settling at Rs427,779.
The latest decrease came a day after another fall in domestic prices. On Tuesday, gold per tola had lost Rs1,000 to settle at Rs500,162, showing that the local market remained under pressure despite a rebound in global bullion rates.
Silver prices also registered a decline in Pakistan. Per tola silver fell by Rs34 to reach Rs8,324.
International market rebounds
In the global market, bullion prices edged higher on Wednesday. According to Reuters, spot gold was up 0.5% at $4,732.79 per ounce by 11:17 am EDT, after rising as much as 1% earlier in the trading session. US gold futures for June delivery were also higher by 0.7% at $4,750.20 per ounce.
The recovery followed a sharp drop a day earlier, when gold recorded its biggest single-day loss since late March. The rebound was supported by softer benchmark 10-year US Treasury yields, which slipped by 0.2%, improving the appeal of non-yielding assets such as gold.
Investors were also seen returning to the market after the recent decline, while keeping an eye on geopolitical developments. These included tensions in the Strait of Hormuz and uncertainty over possible negotiations between the United States and Iran.
Analyst sees consolidation range
Adnan Agar, Director at Interactive Commodities, said gold remained under mild short-term pressure, though its broader outlook stayed constructive. He said the metal touched a low near $4,712 and was hovering around $4,730, with an intra-day high of $4,780.
According to Agar, gold is trading in a consolidation band between $4,780 and $4,880. He said a sustained move above that range could pave the way for higher targets of $5,000 and $5,200 per ounce.
“Investor interest has temporarily shifted towards oil and other commodities following gold’s recent correction,”he said, adding that a renewed breakout could quickly bring market participation back.
Agar also said that while momentum had slowed compared to the strong rallies seen in 2025 and early 2026, the wider trend remained upward as long as prices stayed above the $4,580 support level.
Rupee edges up
Meanwhile, the Pakistani rupee posted a marginal gain against the US dollar in the inter-bank market. The local currency appreciated by 0.01% on Wednesday, gaining Rs0.03 to settle at 278.87 against the dollar, compared with Tuesday’s close of 278.90.
