In a striking turn of events, gold prices in Pakistan took a significant hit on Tuesday, tumbling by Rs2,000 per tola amid a broader global downturn. The All-Pakistan Gems and Jewellers Sarafa Association announced that precious metal prices soared to Rs318,000 per tola locally, mirroring global economic unrest and market fluctuations.
This latest drop follows a dramatic decline over the weekend, when gold prices fell by a staggering Rs5,500 in a single day, slipping from their recent peak of Rs320,000 per tola on Saturday. The price of 10 grams of gold mirrored this downward spiral, shedding Rs1,715 to settle at Rs272,633. Analysts attribute this slump to mounting uncertainties in the global economy, which have dampened investor enthusiasm for the traditionally safe-haven asset.
Internationally, gold prices echoed the trend, with rates falling by $28 to $3,010 per ounce, as per APGJSA data. Experts suggest that shifting monetary policies, fluctuating currency values, and a stronger U.S. dollar have collectively pressured gold’s value worldwide, prompting a sell-off that has reverberated through markets like Pakistan’s.
Local jewelers and traders expressed mixed sentiments about the sudden decline. “The market is unpredictable right now,” said Karachi-based jeweler Ahmed Raza. “Some customers see this as a buying opportunity, but others are holding back, expecting prices to dip further.” Indeed, the volatility has left consumers and investors alike recalibrating their strategies in a landscape marked by rapid shifts.
Silver, often seen as gold’s more affordable counterpart, wasn’t spared either. Its price edged down by Rs50, landing at Rs3,170 per tola. While the drop in silver was less pronounced, it underscored the broader trend of precious metals losing their luster amid global economic headwinds.
Pakistan’s gold market, heavily influenced by international rates, is no stranger to such fluctuations. However, the pace of this downturn has raised eyebrows. With economic uncertainties showing no signs of abating—ranging from inflationary pressures to geopolitical tensions—observers predict that gold prices could remain volatile in the near term. For now, buyers and sellers in Pakistan are bracing for what might come next, as the once-steady shine of gold dims under the weight of a faltering global economy.
