Gold Prices Drop Significantly by Rs 7,000 per Tola in Pakistan Following Global Decline
Gold prices in Pakistan saw a substantial decrease on Tuesday, dropping by Rs7,000 per tola to settle at Rs270,500, reflecting a steep downturn in international rates. The 10-gram gold price also declined by Rs6,000, bringing it to Rs231,911, as reported by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
This drop follows Monday’s decrease of Rs1,300, when the gold price had settled at Rs277,500 per tola. The recent downtrend is attributed to a sharp fall in global gold prices, with the international rate declining by $77 to $2,593 per ounce, inclusive of a $20 premium, as global investors shift their focus to key U.S. economic data and upcoming statements from Federal Reserve officials.
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Silver prices also took a hit, with a decrease of Rs50 per tola in the local market, bringing the price to Rs3,250 per tola. The rate for 10 grams of silver declined by Rs43 to Rs2,786.
Gold prices in Pakistan have been highly volatile in recent weeks, previously reaching an all-time high of Rs287,900 per tola. The heightened demand was driven by safe-haven buying amid geopolitical tensions in the Middle East and uncertainty surrounding the U.S. election. However, Tuesday’s sharp decline reflects a correction in global markets, as investors seek clarity on the Federal Reserve’s interest rate trajectory.
With bullion prices traditionally serving as a hedge against economic and geopolitical uncertainty, the recent decline suggests a temporary easing of market demand as traders await further economic indicators. The APGJSA continues to monitor global developments closely, as fluctuations in international bullion rates directly impact local prices in Pakistan’s market.
