KARACHI (Web Desk) – Gold prices in Pakistan saw a sharp decline on Tuesday, following a global downward trend in precious metals markets. The drop marks one of the largest single-day reductions in recent months, impacting both investors and consumers.
According to local market reports, the price of 24-karat gold fell by Rs9,000 per tola, bringing it down to Rs514,762 per tola. Meanwhile, the price per 10 grams decreased by Rs7,716, now standing at Rs441,325.
Silver also experienced a minor decline, with prices dropping by Rs150 per tola to Rs8,014, and per 10 grams, silver fell by Rs129, settling at Rs6,870.
The downturn in domestic gold prices mirrors international market movements. Global gold prices saw a sharp fall of $90 per ounce on Tuesday, reducing the worldwide rate to $4,920 per ounce. Analysts suggest that profit-taking, currency fluctuations, and changes in investor sentiment contributed to the sudden dip in precious metal prices.
Market experts advise buyers and investors to remain cautious, noting that gold remains a long-term hedge against inflation and currency volatility despite short-term price fluctuations. Traders in Karachi’s major gold markets, including Saddar, Clifton, and Liaquatabad, reported increased market activity as customers rushed to check updated rates and consider purchases.
The decline comes amid ongoing economic challenges in Pakistan, including currency depreciation and inflationary pressures. Analysts note that such volatility in gold and silver prices could affect consumer confidence and demand in the near term.
With international gold markets continuing to fluctuate, local jewelers and investors are closely monitoring trends for potential rebounds. Financial advisors recommend timing purchases strategically and considering both domestic and global factors before making significant investments in precious metals.
