Gold prices in Pakistan recorded another sharp decline, with the precious metal losing more than Rs12,000 per tola in the latest session as international gold prices also moved lower.

Gold Takes Another Hit in Pakistan

Gold has taken a further big fall and gold buyers in Pakistan are experiencing a drastic change in prices.

The latest rate of gold was down Rs12,800 per tola to Rs438,136 per tola according to rates attributed to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of gold also dropped Rs10,973 to around Rs375,631 for 10 grams.

The latest fall comes a day after yet another cut in domestic gold prices. Gold had already declined Rs2,100 per tola on Saturday when the rate was Rs450,936.

International Gold Prices Also Decline

The movement in the gold market in Pakistan followed a decline in international prices.

Following the figures cited in the post, international gold prices fell $128 an ounce to close at about $4,156 an ounce.

Silver also went down by Rs325 per tola to close at Rs6,578 per tola.

Why the Drop Matters for Pakistani Buyers

In Pakistan, gold prices are linked to international bullion prices, with the local market also impacted by currency fluctuations and domestic demand.

Thus a sharp drop could have an immediate impact on consumers, jewellers, and investors. Lower rates can mean a cut in the price of buying gold jewellery for those who want to buy, while existing owners’ holdings could see the market value fluctuate.

But the daily price of gold can change rapidly, so buyers and sellers must usually consult the latest official market prices before carrying out transactions.

Gold Market Under Pressure

The latest plunge is another big change in Pakistan’s bullion market after back-to-back reductions in the local rate.

International gold prices are also under pressure, and market participants will be watching closely to see if prices stabilise or move further in the coming sessions.

The latest figures show 10 grams of gold at Rs375,631 and one tola at Rs438,136 for the time being, showing the magnitude of the recent decline in Pakistan’s gold market.

Credit: Independent News Pakistan (INP)