Gold prices across Pakistan recorded a significant fall on Monday, offering much-needed relief to buyers but sparking concern among investors. The drop mirrors a broader decline in global bullion markets, combined with a stronger Pakistani rupee against the U.S. dollar in interbank trading.
According to figures released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold plunged by Rs. 3,300 per tola, settling at Rs. 430,362. Similarly, 10 grams of 24-karat gold were priced at Rs. 368,966 after a fall of Rs. 2,829. The 22-karat category also slipped, now selling at Rs. 338,231 per 10 grams.
Market analysts attribute the steep decline to a combination of reduced global demand and the U.S. dollar’s recent strength, both of which tend to push investors away from gold. “When the dollar gains ground, gold usually loses its shine,” one Karachi-based bullion trader explained, adding that easing geopolitical tensions have also contributed to the recent market correction.
On the international front, gold was trading at $4,080 per ounce a decrease of $33 from the previous session. Silver prices followed a similar trajectory, with 24-karat silver in Pakistan dropping by Rs. 27 to Rs. 5,097 per tola. Ten grams of silver traded at Rs. 4,369, marking a Rs. 24 decline. Globally, silver prices edged down to $48.35 per ounce.
The APSGJA clarified that the latest rates are based on 999-purity standards and current interbank exchange values. Investors are now adopting a wait-and-see approach, closely monitoring global currency trends and upcoming economic indicators that could influence gold’s next move.
