Gold prices dip in local, international markets

Gold prices in Pakistan saw a decline on Wednesday mirroring the downward trend in international rates.

The price of gold per tola dropped by Rs1,600, settling at Rs301,500, while the price for 10 grams decreased by Rs1,372, reaching Rs258,487.

On the international front, gold was priced at $2,888 per ounce, including a $20 premium, which marked a decrease of $16 compared to the previous day.

This drop comes after a rise in gold prices on Tuesday, when the price of gold per tola had increased by Rs100, reaching a record high of Rs303,100.

Gold prices eased from record highs on Wednesday, weighed by Federal Reserve Chair Jerome Powell's hawkish comments, while focus shifted to US inflation data and the latest on US trade tariffs.

Spot gold eased 0.2% to $2,892.50 per ounce. Prices climbed to a record high of $2,942.70 on Tuesday amid fears of a global trade war spurred by US President Donald Trump's fresh tariffs and threats of more duties.

US gold futures fell 0.6% to $2,916.60.

Spot silver shed 0.1% to $31.79 per ounce, platinum dropped 0.3% to $980.94 and palladium fell 0.4% to $971.99.