The price of gold in Pakistan witnessed another decline today, continuing a trend that has brought slight relief to buyers amid high inflation and economic uncertainty.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs1,800, bringing it down to Rs350,900. Similarly, the price of 10 grams of gold fell by Rs1,543, now priced at Rs300,840.
The decrease follows a global trend, with international gold prices slipping by $18, currently standing at $3,325 per ounce in the global market. Analysts attribute this decline to a stronger U.S. dollar and reduced safe-haven demand, as geopolitical tensions showed signs of stabilizing.
Despite the drop, gold remains significantly more expensive compared to early 2023 levels, largely due to currency depreciation and persistent economic challenges in Pakistan. However, today’s dip could encourage increased activity in the local jewellery market, especially as the wedding season approaches.
Traders remain cautious, noting that price volatility may continue depending on international market trends, currency fluctuations, and investor sentiment.