After a prolonged rally, gold prices saw a sharp drop on Friday in both international and local markets, providing temporary relief to buyers previously sidelined by soaring rates.
In the global bullion market, gold prices slipped by $33 per ounce, settling at $3,305. This global decline quickly influenced the domestic market, where 24-karat gold per tola dropped by Rs3,300 to Rs348,700.
Read more: Gold Prices Surge to Record Highs
Likewise, the price of 10 grams of 24-karat gold fell by Rs2,833, now standing at Rs298,950.
Silver followed suit, with per tola rates dipping by Rs40 to Rs3,497, while 10 grams slid by Rs35 to Rs2,998.
This is the first major correction in gold’s price trajectory after a four-month streak of record highs. Analysts attribute the decline to profit-taking, a stronger U.S. dollar, and reduced geopolitical tensions.
However, experts warn that market volatility may continue in the near term due to prevailing global economic uncertainties.
