Pakistan gold market reacts to global trends, price drop sharply

Gold prices in Pakistan experienced a dramatic shift over the past week, falling by PKR 9,000 in the local market. This decline follows a $77 drop in international gold prices, reflecting the volatility in the global bullion market.

On Monday, gold prices reached an all-time high of PKR 309,500 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association.

However, the following days saw a steady decline. On Tuesday, the price dropped by PKR 800 to PKR 308,700 per tola. By Wednesday, it fell further by PKR 2,400, settling at PKR 306,300 per tola.

On Thursday, the downward trend continued with a decrease of PKR 3,300, bringing the price to PKR 303,000 per tola. Finally, on Friday, gold prices dropped by another PKR 2,500, closing at PKR 300,500 per tola.

The price of 10 grams of 24-karat gold also followed a similar trend, starting at PKR 265,346 on Monday and gradually decreasing throughout the week. Meanwhile, international gold prices hovered around $2,948 per ounce earlier this week before retreating to $2,887 by Friday.

The local market remains highly sensitive to international trends, with fluctuations in global gold rates directly impacting domestic prices. Investors and consumers are closely monitoring the market, anticipating further developments in the coming days.