After hitting record high in the previous session, gold prices decreased in the local market and international markets. In Pakistan, gold price per tola reached Rs352,000 after it shed Rs11,700 on Wednesday.
Similarly, 10-gram gold was sold at Rs301,783 after it registered a decline of Rs10,031, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold price per tola hit record high Rs363,700 after a single-day gain of Rs5,900.
The international rate of gold also declined on Wednesday. As per APGJSA, the rate was at $3,338 per ounce (with a premium of $20), a decrease of $116 during the day.
Meanwhile, silver price increased by Rs16 to settle at Rs3,457 per tola.
Gold prices fell on Wednesday as US President Donald Trump retracted his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, denting bullion’s safe-haven appeal.
Spot gold fell 0.7% to $3,357.11 an ounce by 0256 GMT. US gold futures fell 1.5% to $3,366.80.
The hint of US-China negotiations and Trump backing down his threat to remove Powell “caused the sell off in gold price to hit a kind of a very extreme oversold level in the short term perspective here,” said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.
US stocks and the dollar rebounded after Trump on Tuesday withdrew his threats to fire Powell after days of intensifying criticism of the central bank chief for not cutting interest rates.
American Dollar Exchange Rate