Gold prices in Pakistan dropped sharply on Thursday after two straight days of gains. The price of 24-karat gold per tola fell by Rs. 2,700 and settled at Rs. 494,062. The price of gold per 10 grams also decreased by Rs. 2,314, reaching Rs. 423,571.
The decline follows weakness in global gold markets. International gold prices eased due to reduced tension in the Middle East and expectations of a possible US-Iran peace deal. Lower demand for safe-haven assets also contributed to the fall in bullion prices.
This is the biggest single-day drop in gold rates in recent weeks. Local jewelers and traders adjusted their prices quickly in line with the international market and the value of the US dollar.
The reduction brings some relief to customers planning to buy gold jewellery, coins, or bars. However, investors who purchased gold in the last few days may see short-term losses.
Market experts say gold prices will likely remain volatile in the coming days. Global economic signals, US dollar strength, and any new developments in regional politics will continue to influence rates in Pakistan.
People are advised to check updated rates from trusted jewelers before making large purchases.
