KARACHI: Gold prices in Pakistan witnessed a sharp decline on Thursday, in line with a downturn in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs4,200 to settle at Rs352,700.
Similarly, the price of 10-gram gold fell by Rs3,601, reaching Rs302,383 in the domestic market.
This drop comes a day after gold saw a modest increase of Rs800 per tola on Wednesday, pushing the rate to Rs356,900. However, Thursday’s correction erased those gains and more.
The decline mirrored the trend in the international bullion market. As per APGJSA, the global gold price fell by $42, closing at $3,343 per ounce, inclusive of a $20 premium. The international downturn weighed heavily on local pricing, contributing to the steep daily loss.
Silver also saw a decline, with the price per tola falling by Rs65 to close at Rs3,417.
Market analysts attribute the price fall to a strengthening U.S. dollar and easing geopolitical concerns, which prompted investors to shift away from safe-haven assets like gold. They also suggest that profit-taking by investors following recent gains may have contributed to the drop.
Jewellers and traders anticipate continued volatility in the coming days, as gold prices remain sensitive to international market movements, central bank policy cues, and geopolitical developments.
