KARACHI: Gold prices have dropped massively across Pakistan today.
According to the details, a major price correction was witnessed in the domestic bullion market on Friday as gold and silver prices drop significantly in Pakistan following global market decline, bringing notable relief to buyers and investors alike.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold plunged by Rs 5,100 per tola to settle at Rs 420,536.
Similarly, the price of 10 grams of 24-karat gold declined by Rs 4,373 to stand at Rs 360,541, while 10 grams of 22-karat gold witnessed a price drop of Rs 4,009, bringing its rate down to Rs 330,507.
In the international market, spot gold slid by $51 to trade at $3,980 per ounce.
Parallel to precious yellow metal, silver prices also took a hit in the local market; per tola silver plummeted by Rs 238 to Rs 5,530, while 10 grams of silver eased by Rs 204 to reach Rs 4,741.
International silver rates recorded a decrease of $2.38, closing at $50.52 per ounce, confirming a broad trend where gold and silver prices drop significantly in Pakistan following global market decline.
Gold Prices in Pakistan over the Past Three Years
Gold prices in Pakistan have experienced extraordinary volatility and unprecedented upward momentum over the past three years, evolving from a traditional jewelry commodity into a vital hedge against currency devaluation and economic instability.
The primary catalyst for this massive increase has been the persistent depreciation of the Pakistani Rupee (PKR) against the US Dollar, combined with elevated domestic inflation and international geopolitical tensions.
As investors sought safe-haven assets to protect their capital from inflation, demand for physical gold bars and coins surged nationwide.
Furthermore, international bullion benchmarks reached historic highs due to central bank gold purchases globally, interest rate shifts by major central banks, and global economic uncertainty.
In the local market, Sarafa associations periodically adjusted pricing mechanisms to align closely with international spot rates and local interbank exchange movements.
While short-term corrections and brief price dips occur periodically such as the recent drop the overarching trajectory over the three-year period has reflected a sharp rise in per-tola prices.
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Financial experts note that local gold rates will continue to be heavily influenced by foreign exchange stability, global economic developments, and inflation trends, making market corrections notable instances where gold and silver prices drop significantly in Pakistan following global market decline.
