Gold prices fell sharply today, with the international benchmark dropping 1.1% to $4,988.04 per ounce, reflecting weaker demand and adjustments in futures contracts. US gold futures for April also declined by 0.8%, settling at $5,006.60 per ounce.

The decrease follows recent gains in the global market, where gold had surged $70 per ounce, pushing international rates to $5,042. This increase had previously resulted in a PKR 7,000 rise per tola in Pakistan’s local market on the last trading day.

Analysts suggest that the recent correction is part of normal market fluctuations as investors recalibrate their positions ahead of upcoming economic indicators. “The drop is largely driven by profit-taking and a stronger US dollar,” said a market expert.

With the arrival of Ramazan, demand for gold in Pakistan typically rises due to traditional purchases and gifts. However, today’s global dip indicates that the local market may also see a downward adjustment in gold rates. Traders are closely monitoring international movements to anticipate changes in domestic pricing.

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The decline in gold prices may offer an opportunity for buyers to invest at lower levels before rates potentially rise again later in the month. Meanwhile, the government has already set new prices for sugar amid Ramazan preparations, signaling adjustments in other commodity markets as well.

Investors and consumers are advised to follow daily market updates and plan purchases accordingly, as global fluctuations continue to influence domestic gold rates.