Gold prices declined in both international and local markets on Wednesday, while silver recorded gains.

In the international bullion market, the price of gold per ounce fell by $100 to $5,172.

In Pakistan, the price of gold per tola decreased by Rs10,000 to Rs539,962. The price per 10 grams dropped by Rs8,573 to Rs462,930.

Silver prices increased in the local market. The price per tola rose by Rs100 to Rs9,004, while the rate per 10 grams gained Rs86 to reach Rs7,719.

Read: Govt to borrow mammoth Rs6.5tr

Furthermore, State Bank of Pakistan (SBP) has set a cumulative auction target of Rs6.525 trillion for Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) for March to May 2026, underscoring heavy refinancing needs and continued reliance on domestic debt markets.

According to the auction calendars issued by the SBP’s Domestic Markets & Monetary Management Department, the central bank plans to raise Rs5 trillion through short-term MTBs and Rs1.525 trillion via PIBs during the three months.

Total MTB maturities during the period stand at Rs4.259 trillion, including Rs1.204 trillion held by provincial governments, against which the SBP has set a higher gross target of Rs5 trillion, suggesting a net borrowing buffer.

The MTB target comprises Rs1.1 trillion in one-month bills, Rs1.4 trillion in three-month papers, Rs950 billion in six-month bills and Rs1.55 trillion in 12-month instruments, with the largest single auction of Rs1 trillion scheduled for April 30.

Meanwhile, gold prices on Tuesday in Pakistan fell sharply in line with losses in the international market, as a stronger US dollar and fading prospects of an interest rate cut weighed on bullion amid rising inflation concerns linked to a prolonged Middle East conflict.

In the local market, the price of gold per tola declined by Rs13,900 to Rs549,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, 10-gram gold dropped by Rs11,917 to Rs471,503.

On Monday, the per-tola rate had surged by Rs13,300 to close at Rs563,862. Silver prices also decreased by Rs1,146 to Rs8,904 per tola on Tuesday.