Gold prices in Pakistan fall sharply after sustained highs

KARACHI: After hitting record highs in past several sessions gold prices in Pakistan have seen a notable decline on Tuesday, offering relief to buyers following days of sharp fluctuations.

Earlier, 24-carat gold per tola surged to an all-time high of Rs 454,862, with 10 grams priced at Rs 389,970, as the global market pushed up prices by $26 per ounce to $4,325. Silver prices also climbed during that period, with a tola now selling at Rs 6,532.

However, recent market movements have reversed some of these gains. According to the All Pakistan Sarafa Association, gold has dropped by Rs 4,000 per tola, bringing the price down to Rs 400,862 per tola. Similarly, 10 grams of gold have fallen by Rs 3,429, now costing Rs 386,541. The decline follows yesterday’s brief increase of Rs 2,600 per tola.

Experts attribute the latest drop to a $40 per ounce fall in global gold prices, now at $4,285, as international markets react to shifts in investor sentiment and global economic conditions.

Market analysts say the local gold market is likely to remain volatile in the coming days, with prices closely tracking international trends and investor reactions, leaving buyers and traders watching closely for further movements.