Gold prices in Pakistan witnessed a sharp decline on Saturday, August 29, with the precious metal falling by Rs15,100 per tola after remaining unchanged a day earlier.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped to Rs467,936 per tola, marking a significant decline in the domestic bullion market.
The fall in local gold prices came alongside a major decline in international bullion markets, where gold prices also recorded a substantial drop.
Gold prices fall sharply in Pakistan
The price of 24-karat gold decreased by Rs15,100 per tola, bringing the latest rate down to Rs467,936.
Similarly, the price of 10 grams of 24-karat gold declined by Rs12,946 and settled at Rs401,179.
The decline was also recorded in 22-karat gold. The price of 10 grams of 22-karat gold fell by Rs11,868 to reach Rs367,760.
The sharp movement marks a notable change for consumers and investors following a period of relative stability in the domestic gold market.
Gold prices in Pakistan are influenced by international bullion rates, currency movements and local market conditions. As a result, major changes in global prices can quickly affect domestic rates.
International gold prices drop
The decline was not limited to Pakistan as gold also fell sharply in the international bullion market.
Global gold prices dropped by $151 per ounce, bringing the international rate down to $4,454 per ounce.
The significant fall in international prices contributed to the decline recorded in Pakistan’s domestic gold market.
Investors closely monitor global gold prices because the precious metal remains a major investment and safe-haven asset. Changes in international demand, currency movements and broader market conditions can contribute to volatility in bullion prices.
Silver prices also decline
Silver prices in Pakistan also moved lower on Saturday, following the downward trend seen in gold.
The price of 24-karat silver decreased by Rs397 per tola, bringing the new rate to Rs7,112 per tola.
The price of 10 grams of silver also declined by Rs340 and settled at Rs6,097.
The simultaneous decline in gold and silver prices indicates broad weakness in the domestic precious metals market.
Gold market remains volatile
The latest drop highlights the volatility currently being seen in precious metals markets.
Gold had remained unchanged a day earlier before experiencing the sharp decline on Saturday. Such movements can have a direct impact on jewellery buyers, investors and traders who closely follow daily bullion rates.
For consumers planning to purchase gold jewellery, changes of this scale can significantly affect the final cost of purchases, particularly for higher-weight items.
Investors, meanwhile, are likely to continue monitoring international bullion prices and currency movements for signs of further changes in the domestic market.
With international gold now at $4,454 per ounce and domestic 24-karat gold at Rs467,936 per tola, market participants will be watching closely to see whether prices stabilise or experience further movement in the coming sessions
Also read: Gold Price in Pakistan Today
