Gold prices witnessed a major decline in both local and international markets, giving much-needed relief to buyers in Pakistan. The latest shift in gold prices saw a sharp fall of Rs6,700 per tola in the local market.
Gold Price in Pakistan Sees Notable Drop
According to market updates, the price of gold per tola in Pakistan fell from its previous rate to now settle at Rs335,200. Similarly, the price of 10 grams of gold dropped by Rs5,745, bringing the new rate to Rs287,379.
This decrease comes after several weeks of rising prices, making it a significant adjustment for the local jewelry market. Traders and goldsmiths in key cities like Karachi, Lahore, and Islamabad observed reduced buying activity, which may have contributed to the price correction.
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Global Market Reflects Similar Trend
The downward trend was not limited to Pakistan. In the international bullion market, gold also declined by $67 per ounce. The price fell to $3,168 per ounce, indicating a synchronized shift in global trading.
Analysts say the drop may be linked to recent fluctuations in the US dollar, adjustments in global demand, and easing of geopolitical tensions that previously pushed investors toward gold as a safe haven.
Impact on Buyers and Jewelers
This dip in prices could benefit buyers ahead of the wedding season and Eid-related shopping. Jewelers believe the correction may boost sales temporarily as people take advantage of lower rates.
Meanwhile, experts advise closely monitoring the next few days, as international developments and currency valuations could continue influencing the market.
With both local and global prices adjusting, gold traders are bracing for further fluctuations, though the recent fall has been welcomed by many who were waiting for a better entry point into the gold market.
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