The rates of precious stone closed at Rs384,000 compared to Rs388,100 a day earlier, according to the All Pakistan Sarafa Gems and Jewellers Association.
The drop was equally visible in smaller units. The price of 10 grams of 24 karat gold fell by Rs3,515, sliding from Rs332,733 to Rs329,218. Meanwhile, 10 grams of 22 karat gold dropped by Rs3,222, going from Rs305,016 to Rs301,794.
The international market added more fuel to the fall, as gold prices slipped by $36 per ounce, declining from $3,654 to $3,618. This global dip intensified the downward pressure on local rates.
Silver also could not escape the trend. The per tola price of 24 karat silver fell by Rs32, moving from Rs4,358 to Rs4,326. Similarly, 10 grams of silver slid by Rs28, dropping from Rs3,736 to Rs3,708. On the global stage, silver per ounce dipped by $0.27, from $41.25 to $40.98.
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The sharp fall in gold prices is both surprising and intriguing for investors and households alike. For those planning to buy jewellery, this decline could be seen as a golden opportunity. However, for those who invested earlier at higher rates, the sudden slide has raised concerns about market volatility.
The global market’s influence is undeniable, with international drops directly dragging down local rates. Silver’s parallel decline further indicates that the trend may not be short-lived. Analysts suggest that if global uncertainty continues, fluctuations in precious metals will keep both traders and buyers on edge.
