According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 1 tola gold in Pakistan fell by Rs2,300, bringing it down to Rs342,200. Likewise, the price of 10 grams of gold dropped by Rs1,972, now costing Rs293,381.

Internationally, the trend was the same. The price of gold per ounce dropped by $23, settling at $3,240.

Experts say global economic uncertainty, fluctuations in the US dollar, and shifting investment patterns are behind this price dip. If this trend continues, further price reductions may follow — just in time for Pakistan’s busy wedding season, which could be great news for jewelry buyers.

Gold traders say footfall in markets has already surged, with many rushing to take advantage of the lower prices. A spike in jewelry shopping is expected in the coming days.