Gold prices in Pakistan have seen a massive drop, marking one of the steepest declines in recent months. According to the latest data, the price of 24K gold per tola fell by Rs. 7,538, settling at Rs. 437,362. Similarly, the rate for 10 grams of gold decreased by Rs. 6,463, reaching Rs. 374,967.
Just a day earlier, on Tuesday, gold was priced at Rs. 444,900[1] per tola in the local market. The fall reflects not only local adjustments but also sharp global shifts in gold valuation.
Global Gold Prices See Sharp Correction
On the international front, spot gold dropped by 0.4%, trading around $4,109.19 per ounce as of early Wednesday. The metal had already plunged over 5% on Tuesday, the biggest one-day fall since August 2020. Meanwhile, US gold futures for December delivery were slightly up at $4,124.10 per ounce, while the global gold rate stood at $4,150 per ounce, down by $85.
Silver prices followed the same trend, falling by Rs. 151 per tola to Rs. 5,110 in Pakistan.
Reasons Behind the Sudden Decline
Analysts attribute the drop to easing trade tensions between the US and China, along with profit-taking after gold’s recent rally to record highs. Moreover, investors are waiting for upcoming US inflation data, which could further impact global gold demand and prices.
This sudden correction comes as the bullion market faces uncertainty over global economic recovery and shifting investor sentiment.
References
- ^ Rs. 444,900 (www.techjuice.pk)