This sharp decline was confirmed by the All Pakistan Sarafa Gems and Jewelers Association, raising eyebrows in both local and international markets. The price of 10 grams of 24 karat gold also went down significantly by Rs3,258, landing at Rs303,810 from Rs307,068.

Even 22 karat gold saw a notable fall, as the price for 10 grams decreased by Rs2,987, reaching Rs278,502 from the earlier Rs281,489. It is unusual to see such widespread movement across all gold purities in a single day.

The silver market was not spared either. Per tola silver declined by Rs9, now at Rs3,790, while 10 grams of silver dropped by Rs8, settling at Rs3,249. This collective drop in both gold and silver prices suggests something bigger happening beneath the surface.

Globally, gold prices dropped by $39 per ounce to $3,327 from $3,366, and silver slipped slightly by $0.09 to $36.06. This international shift may be linked to currency fluctuations, investor reactions, or speculations around global economic indicators.

Read more: Pakistan fast-tracks cashless future: How will govt drive digital payments?

The drop may bring short-term relief to buyers ahead of the wedding season, but it also reflects growing uncertainty in global and regional financial markets. While some analysts see this as a correction, others suggest it could be the start of a volatile period, especially if inflation and geopolitical tensions continue to evolve.

Investors and jewelers alike will be watching closely. If international markets remain under pressure, gold could continue its downward trend — or bounce back just as sharply, depending on interest rate decisions and dollar performance.