Gold Prices Fall After Record High in Pakistan
After a strong upward trend over several sessions, gold prices in Pakistan declined on Monday, marking a temporary pause in the recent rally. According to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola dropped by Rs1,800, settling at Rs338,800 in the local market.
Similarly, the price of 10 grams of gold decreased by Rs1,543, bringing it down to Rs290,466.
This drop comes just after gold had touched an all-time high of Rs340,600 per tola on Saturday, reflecting some corrective movement in both local and global markets.
International Gold Trends and Expert Analysis
On the global front, gold prices also showed signs of softening. The international rate stood at $3,218 per ounce, including a $20 premium, marking a $18 day-on-day drop.
Adnan Agar, Director at Interactive Commodities, explained that gold is now entering a corrective phase following a sharp rally. “Prices surged nearly 10% within four to five days without any meaningful pullback,” he noted.
He further explained:
“Gold hit a high of $3,245 (same as Friday’s peak) and touched a low of $3,190 before stabilizing around $3,202. If it breaks below $3,190, the next support zones lie around $3,150 and potentially $3,100, with a broader lower range between $3,050–$3,080.”
Market activity is expected to remain subdued over the next few days due to Good Friday and Easter holidays, especially with European markets closed on Monday and the US observing a partial holiday.
PKR Slightly Weakens Against USD
Meanwhile, the Pakistani rupee (PKR) showed minor depreciation in the inter-bank market, closing at Rs280.60 against the US dollar, a dip of 13 paisas or 0.05% from the previous session.
In the previous week, the rupee had largely remained stable:
It initially weakened by 31 paisas over the first three sessions.
However, it recovered losses during the final two days, ending the week unchanged at Rs280.47, as reported by the State Bank of Pakistan (SBP).
Global Currency and Market Sentiment
The US dollar, too, edged lower globally on Monday, losing momentum after rebounding from a three-year low. A string of tariff-related statements by President Trump continued to add pressure on global market sentiment, impacting demand for the greenback.
Conclusion
The drop in gold prices, both locally and globally, reflects a healthy correction after rapid gains. For investors and traders in Pakistan, the current environment suggests a period of market consolidation. At the same time, currency volatility remains moderate, with the rupee holding relatively steady despite global fluctuations.
