Gold prices in Pakistan have seen a significant drop this week, falling by more than Rs. 1,000 per tola. According to the All-Sindh Sarafa Jewellers Association, the price of 24-karat gold dropped by Rs. 1,300 per tola, reaching Rs. 277,800. The price for 10 grams of gold also decreased by Rs. 1,115, bringing it to Rs. 237,911.
In addition, 22-karat gold for 10 grams fell to Rs. 218,085, down from Rs. 219,107. This recent decline follows last month’s record-breaking price of Rs. 287,900 per tola. Gold is now trading more than Rs. 10,000 lower than that peak price.
Interestingly, the price of silver remained stable, with per tola and 10-gram rates holding steady at Rs. 3,300 and Rs. 2,829.21, respectively. Unlike gold, silver prices have not been as volatile recently, continuing at the same level for the time being.
The global gold market also experienced a slight dip, with the price of gold dropping by $13 per ounce, from $2,683 to $2,670. This decline in international prices has contributed to the decrease in local gold rates. As global gold prices fall, Pakistan’s gold market mirrors the trend, providing some relief to local buyers who were facing high prices just a month ago.
This drop in gold prices could offer a chance for potential buyers in Pakistan to purchase the precious metal at more reasonable rates. However, many investors and buyers are still cautious, keeping an eye on global trends and their impact on local markets.
