The drop shows a notable fall from the previous rate of Rs354,500, according to the All Pakistan Sarafa Gems and Jewelers Association.

Likewise, the price for 10 grams of 24-karat gold decreased by Rs2,572 and is now being traded at Rs301,354, compared to Rs303,926 earlier. The 22-karat gold also saw a drop of Rs2,357 per 10 grams, settling at Rs276,251 from its last price of Rs278,608.

Despite the notable movement in gold prices, silver held its ground. Rates for both per tola and 10 grams of silver remained unchanged at Rs3,841 and Rs3,293, respectively, showing stability in the white metal.

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On the global stage, gold prices fell by $33, landing at $3,292 from $3,325. Silver, on the other hand, remained steady at $36.57 per ounce.

This unexpected dip in gold prices comes amid a globally bearish sentiment in precious metals. Experts suggest this may be due to international economic adjustments or a stronger dollar. For local investors and jewelers, this drop might signal a potential buying opportunity — especially ahead of the wedding season. However, continued volatility could keep traders on edge.