Gold prices in Pakistan fell sharply on Friday, November 6, after recording a significant increase a day earlier. The price of 24-karat gold dropped by Rs. 6,500 per tola, reversing most of Thursday’s gains as international gold rates also declined.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local gold rate settled at Rs. 429,136 per tola.

The price of 10 grams of 24-karat gold also decreased. It fell by Rs. 5,573 to reach Rs. 367,914.

The latest decline comes after a strong rally on Thursday, when gold prices increased by Rs. 9,600 per tola to reach Rs. 435,636. Friday’s decrease wiped out a major portion of that increase.

International Gold Prices Also Decline

The fall in Pakistan’s gold market followed a decline in international prices.

The global gold rate dropped by $65 per ounce to reach $4,066. The decrease in international prices contributed to the lower rates in the local market.

Gold prices in Pakistan are closely linked to international market movements. Changes in global rates can influence local prices, along with currency exchange movements and other market factors.

The latest decline shows how quickly gold rates can change in response to developments in international markets.

Silver Prices Also Fall in Pakistan

Silver prices also moved lower on Friday.

According to the latest market rates, silver became cheaper by Rs. 85 per tola. Its price settled at Rs. 5,678 per tola.

The decline in both gold and silver prices reflects the broader weakness in precious metals during the trading session.

What the Latest Gold Price Drop Means for Buyers

The Rs. 6,500 reduction provides some relief to people planning to purchase gold jewellery or invest in the precious metal.

Buyers can now purchase one tola of gold at a lower rate compared with Thursday’s closing price. However, the market remains volatile, with prices recording significant changes over consecutive trading sessions.

Thursday’s increase and Friday’s decline highlight the uncertainty in the gold market. Prices can move by thousands of rupees within a single day as international rates and market conditions change.

People planning to buy gold should check the latest rates before visiting jewellery shops. They should also compare prices at different Sarafa markets and confirm the applicable APGJSA rate.

It is important to remember that the quoted gold rate may not include jewellery-making charges, which can increase the final amount paid by customers.

For now, gold is trading at Rs. 429,136 per tola in Pakistan, while the international rate stands at $4,066 per ounce. Buyers and investors will be watching global market movements to see whether prices recover or continue to decline in the coming sessions.

Also read: Gold Prices Crash in Pakistan! 24K Gold Falls to Rs422,036 Per Tola