The gold price in Pakistan witnessed a sharp and unexpected fall on Thursday, sending shockwaves through the local bullion market. According to market data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by a massive Rs5,900, bringing it down to Rs359,000. This sudden decline marks one of the largest single-day corrections seen in recent weeks.
Traders noted that the fall in the gold price in Pakistan came amid reduced buying activity and shifting trends in the international bullion market, which often directly influence domestic rates.
Ten-Gram Gold Rate Also Slides Sharply
Alongside the per-tola rate, the gold price in Pakistan for 10 grams also recorded a significant decline. The price dropped by Rs5,058 to settle at Rs307,784. Jewellers say the consistent fall across all weight categories reflects a broader correction rather than short-term volatility.
Market analysts suggest that investors are adopting a cautious approach as global economic signals fluctuate, affecting confidence in traditional safe-haven assets like gold.
Global Gold Prices Trigger Local Impact
The international bullion market also saw a steep decline, which played a key role in pushing down the gold price in Pakistan. Gold per ounce in the global market fell sharply by $61, settling at $3,363. Experts say expectations around interest rate movements and profit-taking by investors contributed to the downward trend.
Historically, changes in global prices quickly translate into movements in the gold price in Pakistan, especially during periods of high volatility.
Related: Gold Prices drop in Pakistan After Global Market Correction
Silver Prices Follow Downward Trend
Silver prices in Pakistan mirrored the declining momentum seen in gold. The price of 24-karat silver per tola dropped to Rs4,057, while the rate for 10 grams of silver settled at Rs3,478. Although silver tends to be more volatile, traders say its movement remains closely tied to shifts in the gold market.
Market Outlook Remains Uncertain
Bullion dealers believe the gold price in Pakistan may continue to experience fluctuations in the coming days as investors closely watch global economic developments and currency movements. While some buyers may view the decline as an opportunity, others remain cautious amid uncertainty.
For now, the sharp fall in the gold price in Pakistan highlights the growing sensitivity of local markets to global trends and changing investor sentiment.
