Gold prices across Pakistan experienced a sharp downward correction on Thursday, falling strictly in line with a significant retreat in the international bullion market. In the local exchange, the price of gold plummeted by Rs3,000, bringing the per-tola rate down to Rs438,636.
Similarly, the price of 10-gram gold witnessed a substantial drop, falling by Rs2,572 to settle at Rs376,059, according to the daily pricing data compiled and released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This sudden decline effectively erases the aggressive gains recorded just 24 hours prior. On Wednesday, the local bullion market had surged, adding Rs4,300 during the day to close at a striking Rs441,636 per tola.
“Local prices are directly mirroring the sharp downward momentum in overseas bullion,” noted market analysts. “When international rates face a sudden pullback and cross major psychological thresholds, the domestic market reacts immediately to maintain parity.”
The local slump was entirely driven by heavy losses in overseas trade. The international rate of gold experienced a steep drop, declining by $30 during the day to touch $4,161 per ounce. This global pullback signals a temporary pause in investor demand following recent highly volatile trading sessions.
“Global investors routinely adjust their positions amid ongoing geopolitical uncertainty and shifts in international monetary policy expectations. Thursday’s $30 drop reflects a clear, swift market correction,” stated a senior APGJSA official.
In tandem with the gold market, other precious metals also saw a downward correction. The price of silver, which historically tracks gold’s broader economic trajectory, decreased by Rs50, closing the day at Rs6,528 per tola in the domestic market.