Gold prices in Pakistan experienced a significant decline for the second day running, mirroring a global downward trend and the strengthening of the US dollar, industry figures revealed on Tuesday.
The price of 24-karat gold per tola (11.66 grams) dropped by Rs2,500, settling at Rs434,936, the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This followed a Rs2,400 decrease recorded in the previous trading session, highlighting continued volatility in the domestic bullion market.
Similarly, the price of 10 grams of gold fell by Rs2,143, reaching Rs372,887. Analysts linked the local price slump to a broader correction in global commodity markets, where gold has been under pressure due to a firmer US dollar and stabilizing international financial conditions. These factors have shifted investor focus toward alternative assets.
“Domestic prices are closely following the international market’s downward movement,” noted a commodities expert based in Karachi.
Meanwhile, local traders observed a modest increase in retail demand following the price drop, although overall trading volumes remain below typical levels. A jeweler commented, “The price reduction has attracted some buyers back, but market activity is still relatively slow. We anticipate demand to rise as the wedding and festive seasons approach, which could lead to a price rebound.”
