KARACHI – Gold prices in Pakistan fell sharply on Saturday, ending their recent winning streak as the international market witnessed a notable downturn.
According to data released by the All Pakistan Gems and Jewellers Association, the price of gold per tola dropped by Rs10,600, settling at Rs446,300. Similarly, the price of 10 grams declined by Rs9,088 to close at Rs382,630.
In the global market, the price of the precious metal also saw a major fall. International gold rates decreased by $106, reaching $4,252 per ounce. The decline was attributed to profit-taking by investors and stronger economic indicators that pushed traders toward other assets.
Just a day earlier, gold prices had seen a significant rise. The rate of 24-karat gold per tola had increased by Rs14,100, hitting Rs456,900, while the price for 10 grams surged by Rs12,089 to reach Rs391,718.
Market experts say the latest drop in gold prices reflects global uncertainty and currency fluctuations. They added that local demand for gold often moves in tandem with international trends, especially when the US dollar strengthens against other major currencies.
Despite the current decline, analysts remain optimistic about gold’s long-term value. They predict that by 2026, the price of gold per ounce could rise to $5,000, driven by strong demand from central banks in countries such as China, India, Brazil, Saudi Arabia, and the UAE.
Experts also noted that increasing geopolitical tensions and inflationary pressures could further boost gold’s appeal as a safe-haven asset in the coming years.
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For now, jewellers expect short-term fluctuations in the domestic market but believe that long-term investors may still view gold as a stable and profitable investment.
