KARACHI – Pakistani gold buyers are witnessing a massive drop as gold prices tumbled over the past three days, losing more than Rs13,000 per tola.
On Friday, the price of bullion plunged by Rs2,000 per tola, bringing it down to Rs 431,872, while 10 grams of gold dropped by Rs 1,714 to Rs 370,252.
This dramatic decline comes just days after gold reached an all-time high of Rs 456,900 per tola last Friday, leaving investors and traders stunned.
All Pakistan Sarafa Jewellers Association attributes this sudden fall to fluctuations in international markets. As the precious metal’s value continues to fluctuate, market watchers are keeping a close eye, warning that the coming days could see further volatility in gold prices, affecting both buyers and investors across Pakistan.
In global market, gold trimmed losses amid changes in US inflation, supporting bets on a Federal Reserve rate cut next week. Spot gold fell 0.2% to $4,118 per ounce, marking its first weekly decline in 10 weeks. Silver also slipped 0.6% to $48.65 per ounce.
Investors booked profits after gold hit a record $4,381 earlier this week, while easing U.S.-China trade tensions reduced safe-haven demand. Traders are pricing in an imminent Fed rate cut, which would make non-yielding assets like gold more appealing. Other metals also declined, with platinum down 1% and palladium down 0.5%.
Per Tola Gold Rates in Pakistan dip by Rs7,500 amid global sell-off
