Gold prices in Pakistan recorded a major decline on Friday after several days of sharp increases in local and international bullion markets. The sudden drop provided slight relief to buyers and investors following recent record-high gold rates across the country.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola decreased by Rs. 2,700, bringing the new rate down to Rs. 494,062. The previous closing price was reported at Rs. 496,762 per tola.
Similarly, the price of 10 grams of 24-karat gold declined by Rs. 2,315 and settled at Rs. 423,578. Meanwhile, 22-karat gold prices also witnessed a fall, with 10 grams dropping to Rs. 388,293 in local markets.
Silver prices, however, moved in the opposite direction. Reports showed that silver per tola increased by Rs. 80, reaching Rs. 8,525 in Pakistan’s bullion market despite the decline in gold prices.
Market analysts believe gold prices remain highly volatile due to ongoing global uncertainty, fluctuations in the US dollar, central bank policies, and geopolitical tensions involving the United States and Iran. International gold prices have also remained elevated because investors continue to prefer safe-haven assets.
Earlier this week, gold prices in Pakistan had surged sharply, with one report showing an increase of Rs. 11,100 per tola during a strong rally in global bullion markets. The recent decline is being viewed as a temporary correction after aggressive buying activity.
Also read: Gold Prices Remain Volatile Amid Global Uncertainty
