KARACHI – Gold prices in Pakistan have dropped following a recent surge, reflecting a downward trend in the international market. Experts say this decline comes after record-breaking levels earlier this week.
According to the All Pakistan Gems and Jewellers Association, the price of gold fell by Rs800 per tola, bringing it down to Rs505,562. Similarly, the price of 10 grams of gold decreased by Rs686, now reaching Rs433,437.
The international market also witnessed a fall in gold values. Global gold prices dropped by $8 per ounce, bringing the current rate to $4,832 per ounce. Analysts note that global financial trends, currency fluctuations, and investor activity influence both international and local gold prices.
Earlier this week, Pakistan saw gold prices reach unprecedented highs. On Wednesday, the price of gold per tola surpassed Rs500,000 for the first time, amid growing financial uncertainties worldwide. The price jumped by Rs12,700 to Rs506,362 per tola, while 10 grams of gold rose by Rs10,888, settling at Rs444,123.
Market experts believe that fluctuations in gold prices are closely tied to international markets and the value of the Pakistani rupee. On Wednesday, the rupee recorded a slight gain against the US dollar, closing at 279.90, a rise of Re0.01.
Traders and investors are advised to monitor gold prices carefully, as the market remains volatile. Sudden shifts in global financial conditions, currency rates, and local demand can quickly impact the cost of gold in Pakistan.
Despite the recent decline, gold remains a popular investment and a traditional safe-haven asset in Pakistan. Jewelers expect steady demand for gold jewelry and coins in the coming weeks, especially with seasonal festivals and weddings approaching.
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Experts recommend keeping an eye on international trends, as global movements in gold prices directly affect local markets. For now, Pakistanis can expect small fluctuations, but prices may rise again depending on economic conditions and market sentiment.
