Gold Price Drops by Rs10,400 in Pakistan – Lowest Rate in Months

The gold price in Pakistan saw a sharp fall on Monday, with the rate for 24k gold per tola plunging by Rs. 10,400, bringing the new price down to Rs. 340,500, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). This marks one of the steepest single-day drops this year.

The price for 10 grams of 24-karat gold also declined significantly, dropping by Rs. 8,917 to settle at Rs. 291,923. Just days earlier, gold prices had already slipped by Rs. 1,800, indicating a consistent downward trend in the gold market.

According to industry experts, the decline is largely attributed to a $104 drop in international gold prices, now sitting at $3,221 per ounce. Contributing factors include changing global demand, fluctuations in currency exchange rates, and growing investor uncertainty amid international economic and political developments.

In addition to gold, silver prices in Pakistan also saw a minor decline. The price of silver fell by Rs. 17 per tola, with the new rate set at Rs. 3,400.

Jewellers and market watchers across Karachi, Lahore, and Islamabad expressed surprise at the sudden correction, noting that both investors and consumers are treading cautiously. With many unsure whether prices will stabilize or continue falling, traders expect a wait-and-see approach in the coming days.

For those considering gold purchases or investments, the current dip presents a potential opportunity—but experts advise keeping a close eye on local and global gold price trends before making significant decisions.