Pakistan’s gold market experienced a significant downturn on Friday, reversing gains made earlier in the week after consecutive rallies in international prices. The sudden correction caused local bullion rates to drop sharply, reflecting the continued instability and fluctuations in the global precious metals market.
According to data issued by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold rates recorded a major decline per tola, while prices for 10 grams also registered a substantial fall. The drop comes just days after the market had witnessed an impressive surge, underlining the unpredictable nature of recent trading trends.
Earlier in the week, gold had climbed steeply, attracting buyers and investors amid expectations of further increases. However, the latest reversal surprised traders and dampened market sentiment, as prices moved downward at a rapid pace. Dealers noted that the sharp swings are largely tied to global developments and changing investor behavior in international markets.
On the global front, bullion prices fell notably per ounce, adding further pressure on domestic rates. The decline overseas directly impacted the local market, where gold values typically mirror international movements along with currency exchange factors and premiums.
Silver prices also followed the same trajectory, recording a noticeable decrease. The fall in silver added to the broader weakness in the precious metals sector, affecting both investors and retailers.
Market analysts described the situation as highly volatile, urging caution for buyers and traders. With frequent price shifts occurring within days, many believe the market may continue to witness instability in the near term.
Traders are now closely monitoring international trends, expecting that future movements in global bullion prices will determine the direction of Pakistan’s gold and silver markets.
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