Gold price drops by Rs3,600 per tola in Pakistan amid global economic shifts
The fall came as a stronger US dollar and easing demand for safe-haven assets put pressure on gold prices worldwide.
In the local bullion market, the price of one tola of gold decreased to Rs421,836 after losing Rs3,600 during the day. The drop followed weakness in global markets and reduced investor interest in gold.
The price of 10 grams of gold also moved lower in Pakistan. According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association, 10-gram gold was sold at Rs361,656 after falling by Rs3,086.
Just a day earlier, gold prices had recorded a gain in the local market. The per-tola rate had reached Rs425,436 after increasing by Rs400.
Internationally, gold prices declined by $36 per ounce, bringing the rate down to $3,994 per ounce, including a premium of $20. Market analysts said stronger economic data and expectations regarding interest rates reduced demand for gold as a safe investment.
Also read: New Toyota Fortuner financing offer unveiled with special rates and delivery
Silver prices also witnessed a significant decline alongside gold. The price of silver dropped by Rs126 per tola to settle at Rs6,029.
Experts say gold often faces pressure when the US dollar strengthens because the metal becomes more expensive for buyers using other currencies. Improved investor confidence in financial markets can also reduce demand for gold, leading to lower prices.
The latest decline suggests that global economic factors are once again shaping Pakistan’s gold market. Buyers may see this as an opportunity, while investors remain cautious about future price movements. Any major change in US interest rate expectations or global uncertainty could quickly affect gold prices again.
