Gold prices in Pakistan witnessed a sharp decline on Thursday. The price of 24-karat gold dropped by Rs. 15,500 per tola, bringing the new rate down to Rs. 476,862 per tola.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), this big fall is linked to a major drop in international gold prices. Global gold rates decreased by $155 per ounce due to changing economic conditions and shifting investor sentiment worldwide.
The price of 10 grams of 24-karat gold also fell significantly. Similarly, 22-karat gold prices recorded a sharp decrease across local markets in Karachi, Lahore, Islamabad, and other cities.
Jewellers and traders said the sudden drop has brought some relief to customers who were waiting to buy gold for Eid-ul-Azha or weddings. Many people had delayed their purchases due to the record-high rates in previous days.
However, gold prices remain highly volatile. Market experts say rates can change quickly depending on the global economic situation, US dollar strength, and geopolitical tensions.
Customers are advised to check the latest rates from trusted jewellers before making any purchase. This significant fall in gold prices is likely to increase buying activity in the local market in the coming days.
