Karachi, Pakistan — Gold and silver prices in Pakistan saw a massive drop on Saturday, reversing a brief period of bullish trends in the domestic market. The decline affected both 24-carat and 22-carat gold, as well as silver, following similar trends in international markets.
Sharp Decline in Gold Rates
According to the All Pakistan Sarafa-Gems and Jewellers Association, the price of 24-carat gold per tola fell by Rs 4,700, reaching Rs 455,562. Similarly, the cost of 10 grams of 24-carat gold decreased by Rs 4,030, now trading at Rs 390,570.
The price of 10 grams of 22-carat gold also declined by Rs 3,694, settling at Rs 358,035. Experts suggest that the decline follows a period of market correction after a short-lived bullish phase earlier in the week.
Global gold prices mirrored the local drop. Gold per ounce fell by $47, trading at $4,332, indicating that international market trends influenced domestic rates.
Silver Prices Also Fall
Silver markets were affected as well. In Pakistan, silver per tola dropped by Rs 106, now priced at Rs 7,756, while 10 grams of silver decreased by Rs 91, trading at Rs 6,649.
International silver prices followed a similar trend, declining by $1.06 to $72.81 per ounce. Analysts say the decrease in both gold and silver is part of broader global market movements influenced by currency fluctuations, investor sentiment, and international demand for precious metals.
Market Outlook
Jewellers and market experts predict that the downward trend may continue in the short term as buyers adopt a cautious approach following the recent surge. However, long-term investors see this as an opportunity to purchase precious metals at comparatively lower rates.
The decline in gold and silver rates also impacts related industries, including jewellery manufacturing and investment sectors, where price changes directly affect profit margins and investment decisions.
Traders are advised to monitor both local market updates and global commodity trends to anticipate further fluctuations in gold and silver prices.
