Gold prices in Pakistan slipped sharply on Wednesday following reports of US interest rate cut.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold fell by a massive Rs7,538 per tola, bringing it down to Rs437,362.

In the local market, the price of 10 grams of 24-carat gold decreased by Rs6,463, settling at Rs374,967. Similarly, 10 grams of 22-carat gold were sold at Rs343,732, down by a good Rs5,924 compared to the previous day.

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On the international front, gold dropped by $85, reaching $4,150 per ounce, reflecting a consistent downward trend driven by strengthening global currencies and cautious investor sentiment.

Silver also declines

Silver prices followed suit, recording significant declines, as 24-karat silver per tola fell by Rs151 to Rs 5,110, while 10 grams of silver dropped by Rs129 to Rs 4,381.

Analysts note that fluctuations in the interbank exchange rate and uncertainty in global demand continue to impact precious metal prices in Pakistan. Investors are expected to watch both currency movements and international gold market trends closely in the coming days.