Gold prices in Pakistan continued their downward trend on Wednesday, tracking losses in the international bullion market.

According to market sources, the price of gold in the global market fell by $23 per ounce, bringing the new international rate to $3,240 per ounce.

Following the global dip, domestic gold prices also dropped. The price of 24-karat gold per tola declined by Rs2,300, settling at Rs342,200. Similarly, the price of 10 grams of gold dropped by Rs1,972 to Rs293,381.

Silver prices also saw a notable decrease. The price of silver per tola fell by Rs45 to Rs3,382, while the 10-gram rate slipped by Rs39 to Rs2,899.

This marks the second consecutive day of decline in local gold prices. On Tuesday, the price of one tola had already fallen by Rs1,300, reaching Rs344,500.

Analysts attributed the continued decline to reduced demand in both local and global markets, along with investor sentiment shifting toward the US dollar and other safe-haven assets.