Gold Prices Fall Sharply in Pakistan, Marking a Major Drop
- 24-karat gold price fell by Rs. 10,400 per tola, now at Rs. 340,500, down from Rs. 350,900.
- Price of 10 grams of 24-karat gold dropped by Rs. 8,917, now at Rs. 291,923.
- 22-karat gold declined by Rs. 8,087, reaching Rs. 267,693.
Gold took a major hit in Pakistan’s market this week, showing one of the biggest price drops seen in recent months. The sudden decrease in gold prices has caught the attention of buyers, investors, and jewelers across the country. If you’re wondering why your local gold shop has changed prices overnight, you’re not alone.
On Monday, the cost of 24-karat gold dropped by a large amount — Rs. 10,400 per tola. This means that gold is now being sold at Rs. 340,500 per tola, compared to Rs. 350,900 just the day before. This change was confirmed by the All Pakistan Sarafa Gems and Jewellers Association, which keeps track of gold and silver prices nationwide.
But that’s not all. Prices for 10 grams of 24-karat gold also dropped by Rs. 8,917, bringing the new price down to Rs. 291,923, from Rs. 300,840. For 22-karat gold, often used in jewelry, the cost fell by Rs. 8,087, reaching Rs. 267,693 from its earlier rate of Rs. 275,780.
Even silver prices saw a decline. The rate of silver per tola came down by Rs. 17, now standing at Rs. 3,400, and the cost for 10 grams of silver fell by Rs. 15, landing at Rs. 2,914.
So, what’s causing this big change?
Global News Impacts Gold in Pakistan
Gold isn’t just affected by local markets. Its price often changes based on what’s happening around the world. One of the biggest reasons for this recent fall is related to an agreement between the United States and China — two of the world’s largest economies.
Both countries announced that they had agreed to cut some of the extra taxes (called tariffs) that they had placed on each other’s goods during their long trade dispute. This news made global investors more hopeful about world trade and the economy. Because of this, they felt less need to buy gold as a “safe” investment.
As a result, the global price of gold fell by 3 percent, dropping to the lowest level in more than a week. And when gold prices fall globally, it also affects the rates in countries like Pakistan.
What This Means for You
If you’re someone who’s planning a wedding, thinking about investing in gold, or just likes to keep track of the market, this drop is important news. Lower gold prices can be good for buyers, especially those looking to purchase jewelry. However, sellers and investors might be more cautious for now.
Jewelry shops may see an increase in customers as many people take advantage of these lower prices. But at the same time, investors might hold off buying more gold, hoping that prices could fall even further or stabilize first.
Will Prices Continue to Fall?
It’s hard to say exactly what will happen next. Gold prices can go up or down based on many factors, such as international politics, economic conditions, and market demand. If relations between countries stay calm and the world economy looks steady, we might see prices stay low for a while.
