Gold prices in Pakistan have recorded a sharp decline, with the price of one tola falling by a significant thirty five thousand five hundred rupees, according to the All Pakistan Jewelers Association. The new price of one tola of gold now stands at five hundred thirty seven thousand three hundred sixty two rupees, reflecting one of the steepest single-day drops in recent times.
The price of ten grams of gold has also decreased substantially, falling by thirty thousand four hundred thirty five rupees to four hundred sixty thousand seven hundred one rupees. The downward trend mirrors developments in the international market, where gold prices dropped by three hundred thirty five dollars per ounce to five thousand one hundred fifty dollars.
Silver prices have followed a similar pattern, with one tola becoming cheaper by one thousand one hundred six rupees and now priced at eleven thousand sixty nine rupees per tola. Market experts attribute the decline primarily to the strengthening of the US dollar in the global market and profit-taking by investors, which has reduced demand for gold as a safe-haven asset.
Analysts note that gold traditionally gains value during periods of inflation or economic and political uncertainty, but current market dynamics have shifted investor interest away from the precious metal. It was also recalled that Pakistan revised its gold pricing mechanism last year, fixing local prices twenty dollars higher than the international rate to better align with global fluctuations and domestic market conditions.
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