Gold prices in Pakistan took a sharp dive on Saturday, shedding Rs5,500 per tola to settle at Rs320,000.
According to a report from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold prices have significantly declined, which coincides with a downturn in the international gold market. This drop provides some relief after a week of record-high prices. The price of 10 grams of gold has decreased from Rs4,714 to Rs274,348, reflecting this overall trend.
The local market had roared back from the Eidul Fitr holidays, with gold hitting unprecedented peaks at Rs325,500 per tola and Rs279,063 for 10 grams earlier this week. Traders noted domestic and global markets had soared, with international spot gold nearing $3,100 per ounce mid-week, fueled by economic jitters and safe-haven demand. Saturday’s pullback marks a shift as global prices softened, dragging Pakistan’s rates down in tandem.
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This drop follows a volatile stretch for gold, a go-to asset amid uncertainty. The post-Eid surge had showcased bullish sentiment, but Saturday’s correction hints at profit-taking or easing pressures. For Pakistan’s jewellery buyers and investors, the Rs5,500 tumble per tola could signal a buying window or a pause after the festive rush. With international trends steering the course, all eyes are on how gold fares in the coming days.
