Gold price drops Rs14,900 per tola to Rs438,036 in Pakistan

KARACHI – The price of 24-karat gold in Pakistan plunged by Rs14,900 per tola on Friday, settling at Rs438,036, as a sharp fall in international bullion rates triggered a significant decline in the local market. The gold market data showed that the gold prices came under pressure after the precious metal recorded a major decline in the international market. The price of gold per ounce fell by $149, bringing it down to $4,156. The drop in global prices was immediately reflected in Pakistan’s domestic bullion market, where investors and traders witnessed one of the steepest single-day declines in recent weeks. Alongside the fall in per-tola rates, the price of 10 grams of 24-karat gold also decreased substantially. It shed Rs13,410 to settle at Rs374,205. Bullion dealers said local gold prices generally follow trends in international markets, while exchange rate fluctuations and domestic demand also play a role in determining prices. Meanwhile, silver prices also registered a notable decline. The price of silver per tola fell by Rs413 to Rs6,946, while the rate for 10 grams of silver dropped by Rs373, reaching Rs5,895. The market observers attributed the decline in precious metal prices to changing investor sentiment and developments in global financial markets. They pointed out that gold and silver often experience volatility in response to economic data, interest rate expectations and shifts in demand for safe-haven assets. The latest downturn has partially reversed gains recorded by precious metals in recent weeks, offering some relief to buyers who had been grappling with record-high prices. Traders said the future direction of gold and silver prices will largely depend on international market trends, geopolitical developments and broader economic indicators in the coming days.