KARACHI: Gold prices in Pakistan recorded the highest-ever single-day decline on Friday, tracking a sharp global sell-off in precious metals, dealers said.
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According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold fell by Rs35,500 per tola to Rs537,362, while the 10-gram rate declined by Rs30,435 to Rs460,701. This marked the steepest single-day fall in domestic gold prices on record.
Silver prices also dropped sharply, with 24-karat silver losing Rs1,106 per tola to settle at Rs11,069, while the 10-gram rate fell by Rs949 to Rs9,489.
On the international market, gold suffered a massive sell-off, with prices falling by a record $355 per ounce to $5,150, according to APSGJA. Spot gold later dropped 8.9pc to $4,915.17 per ounce, while US gold futures for February delivery slid 7.7pc to $4,940.70.
APSGJA President Muhammad Shikarpuri described the fall as unprecedented, saying it was the largest plunge he had witnessed in his more than five decades in the gold trade. He recalled that while gold prices had declined gradually during the 1980s, the scale and speed of Friday’s drop were unmatched.
Despite the sharp decline, Mr Shikarpuri said gold remained unaffordable for many jewellery buyers, with footfall at markets remaining low. However, he noted that investors had suffered significant losses due to the sudden fall in prices.
According to Reuters, the sell-off followed profit-taking as the US dollar strengthened after President Donald Trump announced former Federal Reserve Governor Kevin Warsh as his choice for the next Fed chair. Analysts said expectations around real yields, currency movements and broader macroeconomic factors contributed to the decline.
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Silver recorded an even steeper fall globally, plunging 21.92pc to $90.66 per ounce, marking its worst daily drop on record. Platinum and palladium also posted sharp losses.