KARACHI: Gold prices in Pakistan recorded a sharp decline on Thursday, falling by Rs24,300 per tola in line with a steep drop in international bullion markets.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of 24-karat gold dropped to Rs499,462 per tola. Similarly, the rate for 10 grams of gold decreased by Rs20,833 to settle at Rs428,208.
The decline followed a significant fall in global gold prices, which dropped by $243 per ounce to close at $4,767 in international markets. Local gold rates are typically linked to global prices, with an added premium of around $20 per ounce, making domestic prices highly sensitive to international movements.
Market analysts attributed the sharp correction to profit-taking in global markets and a strengthening US dollar, which tends to reduce the appeal of gold as a safe-haven asset. The recent rally in bullion prices had pushed gold to record highs, prompting investors to lock in gains.
Silver prices also moved lower in the domestic market. The per-tola price of silver declined by Rs760 to Rs7,734, while the rate for 10 grams fell by Rs652 to Rs6,630.Jewellers said the sudden drop may provide temporary relief to buyers who had stayed away due to record-high prices in recent weeks. However, they noted that volatility is likely to persist, driven by global economic uncertainty and shifting investor sentiment.Market participants are now closely watching international trends, particularly interest rate signals and currency movements, which continue to shape bullion prices worldwide.
