Gold prices in Pakistan took a sharp turn downward this week, creating ripples across local markets and investor circles. The per tola rate of 24 karat gold fell from Rs.354,100 to Rs.351,500 — a significant drop of Rs.2,600 in just a day.

Similarly, the price of 10 grams of 24 karat gold slid by Rs.2,228, settling at Rs.301,354. For 22 karat gold, the 10 gram rate fell by Rs.2,042, now valued at Rs.276,251, according to the All Pakistan Sarafa Gems and Jewelers Association.

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Interestingly, while gold lost its shine, silver stayed steady. The per tola price of silver remained unchanged at Rs.3,508, and the 10 gram rate held firm at Rs.3,007 — signaling selective stability in the precious metals market.

Internationally, gold prices saw a steep $26 dip, dropping from $3,357 to $3,331 per ounce. However, silver held its ground at $33.50. Analysts say global economic uncertainty and shifting investor sentiment are key drivers behind the volatility.

This sharp decline in gold rates may signal an upcoming buying opportunity for cautious investors. While international trends are steering the price drop, local fluctuations often follow suit. The stagnant silver prices reflect market hesitation, but also potential for future movement. If the downward pressure continues, gold may enter a more accessible range for small-scale buyers and jewelers — a development worth watching closely.