Gold Prices Plunge, Now Approaching Rs. 5 Lakh Per Tola in Pakistan
Gold prices in Pakistan saw a significant drop on Friday, following a record high just a day earlier, highlighting continued volatility in the bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs. 35,500, settling at Rs. 537,362. Meanwhile, 10 grams of gold declined by Rs. 30,435, reaching Rs. 460,701.
The sudden decline came after Thursday’s surge, when gold had climbed Rs. 21,200 in a single session to hit Rs. 572,862 per tola, reflecting investor uncertainty and short-term market fluctuations. Analysts attribute the volatility to a mix of profit-taking by traders and shifting demand in both domestic and international markets.
Internationally, gold prices also faced pressure, dropping by $355 to $5,150 per ounce, including a $20 premium. The global dip further contributed to the local decline, emphasizing the interconnected nature of bullion markets.
The recent swings underscore the challenges for investors and consumers alike. Gold, often viewed as a safe-haven asset, continues to react sharply to global economic cues, currency fluctuations, and speculative trading activity. Experts suggest that traders monitor market trends closely before making purchase or sale decisions, as volatility remains high.
Despite the recent drop, gold prices are still significantly higher than pre-pandemic levels, maintaining the metal’s appeal as both an investment and a store of value. Jewelers and investors in Pakistan will continue to watch international rates, the rupee’s performance, and demand trends to anticipate the next movement in the local market.
