Gold prices in Pakistan fell sharply on Thursday, following a decline in international markets. The price per tola dropped by Rs5,000 to Rs426,562, while 10 grams of gold fell by Rs4,286 to Rs365,708, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Wednesday, gold prices had risen by Rs7,900 per tola, reaching Rs431,562. The sudden drop reflects global trends, where international gold rates declined by $50 to $4,042 per ounce, with a $20 premium.
Read more: Gold prices dip in Pakistan following global trend
The decrease comes amid a stronger US dollar and reduced expectations for a Federal Reserve rate cut in December. Investors are also awaiting the release of delayed US jobs data, influencing global gold demand.
Silver prices also fell, dropping Rs93 to Rs5,329 per tola. Local dealers noted that market sentiment is cautious due to global economic indicators and currency fluctuations.
Read more: Gold rush grips Pakistan as investors seek safe haven
Internationally, spot gold edged down 0.1% to $4,077.82 per ounce, while US gold futures for December delivery fell 0.2% to $4,076.50. Analysts expect prices to remain volatile in the near term.