Gold Prices in Pakistan Drop Sharply – Check New Rates

Gold prices in Pakistan saw a sudden and significant drop on Wednesday.

According to the All Pakistan Jewellers Manufacturers Association (APJMA), the price of gold fell by Rs. 3,400 per tola, bringing the new rate to Rs. 345,800 per tola. For smaller buyers, the price of 10 grams of gold decreased by Rs. 2,915, settling at Rs. 296,467.

Why Are Prices Falling?

The gold market in Pakistan has been volatile for weeks, with frequent ups and downs. This week’s sharp decline is linked to global trends, where gold prices have dipped due to a stronger US dollar and easing inflation concerns. Local currency stability and reduced demand during the ongoing economic slowdown may also be contributing factors.

Impact on Consumers and Traders

Jewellers and investors are closely monitoring the situation. For consumers, the drop offers a temporary chance to buy gold at lower rates ahead of the upcoming wedding season. However, traders warn that the market remains unpredictable. “Sudden price swings create challenges for inventory management,” said a Karachi-based jeweller. “We advise customers to stay updated hourly.”

How Does This Compare to Previous Weeks?

Last week, gold prices hit a record high of Rs. 352,000 per tola amid rising inflation and currency depreciation. Today’s rate reflects a 1.8% decline from that peak. Analysts note that gold often fluctuates during economic uncertainty, as investors alternate between safe-haven buying and profit-taking.

What’s Next for Gold Prices?

The APJMA has urged caution, stating that prices could rebound quickly if global oil prices rise or the Pakistani rupee weakens. Meanwhile, the government’s efforts to stabilize the economy and control inflation will play a key role in shaping gold’s trajectory.