KARACHI: Gold prices have recorded a significant decline both internationally and in Pakistan, continuing a downward trend that began over the weekend.
In the international bullion market, gold dropped by $85 per ounce on Tuesday, settling at $4,150. This follows a sharp $106 drop on Saturday, when it fell to $4,252 per ounce. Spot gold was last up 0.6% at $4,146.47 per ounce as of 0636 GMT, but it had already suffered its steepest single-day decline since August 2020—losing over 5%.
In Pakistan, the price of gold per tola fell by Rs7,538, bringing it down to Rs437,362. Similarly, the price per 10 grams dropped by Rs6,463 to Rs343,732. Just days earlier, prices had fallen by Rs10,600 per tola and Rs9,088 per 10 grams, indicating extreme volatility in the market.
Meanwhile, in other precious metals: spot silver rose by 1% to $49.21 per ounce, platinum declined 1.1% to $1,535.05, and palladium gained 1.4% to $1,427.84.
Market analysts attribute the decline to global economic uncertainty and shifting investor sentiment, with many now watching closely for further fluctuations in the days ahead.
