KARACHI: Gold prices in Pakistan saw their steepest single-day drop in years on Tuesday, mirroring a sharp decline in global bullion markets as optimism grew over a potential U.S.-China trade deal, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 24-karat gold per tola plunged by Rs14,000 to Rs416,362, compared to Rs430,362 on Monday. Likewise, 10 grams of 24-karat gold fell by Rs12,003 to Rs356,963. The 10-gram 22-karat variety was sold at Rs327,227, down Rs11,004 from the previous day.
Internationally, gold prices tumbled by $140 per ounce, slipping to $3,940 from $4,080 — one of the sharpest daily falls in recent months. Analysts attributed the drop to reduced demand for safe-haven assets amid renewed trade optimism and upbeat global stock performance.
Silver also followed suit, with its per-tola rate declining by Rs173 to Rs4,924, while 10 grams dropped by Rs148 to Rs4,221. Globally, silver prices fell to $46.62 per ounce from $48.35.
Reuters reported that gold extended losses to a near three-week low as investors shifted focus to upcoming central bank policy announcements. Wall Street’s major indices — Dow Jones, S&P 500, and Nasdaq — all hit record highs, fueled by trade optimism and tech-sector gains.
Meanwhile, Argentina’s markets rallied following President Javier Milei’s midterm victory, while European bourses remained cautious ahead of key rate decisions by the U.S. Federal Reserve and the European Central Bank.
