According to the All Pakistan Sarafa and Jewellers Association, the price of gold per tola in Pakistan fell by Rs300, settling at Rs362,400. Similarly, the rate for 10 grams of gold dropped by Rs257 to Rs310,699.
This decline comes right after a sharp increase of Rs4,900 per tola over the past three days.
In the international market, gold prices also saw a dip, with the per-ounce rate falling by $3 to $3,397. Meanwhile, silver prices slipped slightly by $0.09, settling at $38.31 per ounce.
Economic experts believe the drop in global gold prices is mainly due to a slight recovery in the US dollar and reduced investor interest in safe-haven assets. In Pakistan, a modest improvement in the value of the rupee has also played its part.
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Buyers say this downward trend could be good news during the wedding season, as high prices in recent days had slowed down jewellery purchases.
Market analysts warn, however, that if global political and economic uncertainty continues, gold prices may climb again in the coming days.
The sudden drop in gold prices, though small, has come as a breather for buyers — especially with wedding season ahead. However, given the fragile global and local economic situation, this relief may be short-lived, and volatility could return quickly.
