Gold prices in Pakistan experienced a notable decline on Thursday after a day marked by gains. The rate per tola decreased by Rs9,500, settling at Rs494,662 local market figures. Similarly, the price for 10 grams of gold dropped by Rs8,145, reaching Rs424,092, signaling a considerable correction in domestic bullion rates.
This downturn followed a sharp increase on Wednesday, when gold prices had surged past the Rs500,000 per tola threshold, influenced by volatility in international markets. Globally, gold prices fell by $95 per ounce, bringing the rate down to $4,723.
Market experts highlighted that fluctuations in global bullion prices, combined with changes in the Pakistani rupee’s value, played a significant role in shaping local gold rates. Gold, traditionally viewed as a safe-haven asset during periods of economic uncertainty, has faced heightened volatility recently due to evolving global financial dynamics and geopolitical tensions.
While the recent price drop provides some relief to local buyers following the steep rise earlier in the week, traders caution that gold prices remain highly sensitive to ongoing movements in international markets and currency exchange trends.
