Gold Prices in Pakistan Drop After Hitting Record High
After climbing for three consecutive days, gold prices in Pakistan witnessed a sharp correction on Monday, bringing relief to potential buyers after record-breaking highs.
Local Market Overview
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA):
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Gold price per tola (24K) declined by Rs1,800, settling at Rs338,800.
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10-gram gold was priced at Rs290,466, marking a drop of Rs1,543.
This pullback follows Saturday’s historic high of Rs340,600 per tola, which came after a steep Rs1,800 rise in a single day.
Global Gold Rate Also Falls
The international gold rate followed a similar pattern:
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The global price stood at $3,218 per ounce (including a $20 premium).
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This marked a $18 decrease from the previous day.
Global fluctuations, changing investor sentiment, and slight profit-taking contributed to the downturn.
Market Insight
Gold’s recent surge was largely attributed to:
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Global economic uncertainty
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Rising inflation concerns
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Weakening local currency
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Safe-haven buying amid geopolitical tensions
However, the current dip may signal a temporary correction rather than a long-term decline.
Conclusion
Despite the drop, gold remains a high-demand asset in Pakistan and globally. Buyers may view this price drop as a short-lived window of opportunity. The precious metal’s performance in the coming days will likely depend on global economic indicators and currency trends.
