Gold prices in Pakistan fell sharply on Saturday, following a decline in the international market. The price of gold per tola dropped by Rs10,600, reaching Rs446,300. Similarly, the rate for 10 grams of gold decreased by Rs9,088, settling at Rs382,630, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This decline came after gold hit a record high of Rs456,900 per tola on Friday.
The recent surge in gold prices was driven by growing geopolitical tensions worldwide. Adil Saleem, CEO of Zariah, explained that physical gold and silver remain in limited supply globally. This shortage is pushing prices up, even as investors remain cautious. Demand for gold through exchange-traded funds (ETFs) continues to rise, further reducing liquidity in global vaults.
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Saleem highlighted that the global environment favors precious metals due to limited supply, rising inflation, and increasing geopolitical risks. However, despite these factors, gold prices dropped today along with international rates. The global price of gold fell by $106, reaching $4,252 per ounce with a $20 premium.
Meanwhile, silver prices also saw a decline in Pakistan. The price per tola dropped by Rs231 to Rs5,273. Both metals continue to reflect the complex interplay of supply constraints and economic uncertainties around the world.
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In conclusion, while gold and silver remain in demand, market conditions and global factors caused a notable price correction today. Traders and investors will closely watch future developments to gauge the metals’ trends amid ongoing geopolitical and economic challenges.