Gold prices in Pakistan witnessed a sharp drop on Thursday, with the price of per tola gold dropping by more than Rs9,000 amid a fall in the international bullion market.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola decreased by Rs9,720, bringing it down to Rs432,716 across the country. The drop marks one of the most significant single-day declines in recent weeks, reflecting volatility in global commodity markets.
Similarly, the price of 10 grams of gold also saw a notable reduction. It fell by Rs8,748, settling at Rs369,422. Jewellers said the decline was directly linked to fluctuations in international gold rates, which have been under pressure due to shifting investor sentiment.
In the global market, gold prices decreased by $97 per ounce, bringing the international rate down to $4,102 per ounce. Market analysts say the fall is largely driven by expectations of improved economic stability in major economies and reduced demand for safe-haven assets.
Local traders noted that domestic gold prices in Pakistan closely follow international trends, along with changes in the exchange rate of the Pakistani rupee against the US dollar. Any movement in either factor typically has an immediate impact on retail gold prices.
Jewellers added that while the decline may encourage some buying activity, overall demand remains cautious due to economic uncertainty and reduced purchasing power among consumers.
Market experts say gold remains highly sensitive to geopolitical developments, inflation trends, and central bank policies, all of which continue to influence price movements globally.
Consumers and investors are being advised to monitor market trends closely, as volatility is expected to continue in the coming days.
The sharp fall has brought temporary relief to buyers, especially ahead of the upcoming wedding season, where gold demand typically increases in Pakistan.