Gold and silver prices witnessed a sharp decline in both international and local markets on Saturday, bringing significant relief to buyers after weeks of elevated bullion rates. The downward trend followed a steep fall in global gold prices, which directly impacted domestic rates across Pakistan.
In the international bullion market, the price of gold dropped by $255 per ounce, settling at $4,895. The sharp correction in global prices was reflected almost immediately in the local market, where rates fell substantially.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola in Pakistan declined by Rs25,500, bringing it down to Rs511,862. Similarly, the price of 10 grams of gold decreased by Rs21,862 to Rs438,839, marking one of the largest single-day drops in recent weeks.
Silver prices also followed the downward trend. The price of silver per tola fell by Rs2,063 to Rs9,006, while the rate for 10 grams of silver declined by Rs1,768 to Rs7,721 in the local market.
Market analysts attribute the fall in bullion prices to volatility in international financial markets, shifting investor sentiment, and expectations around global monetary policy. Traders noted that fluctuations in the US dollar and profit-taking by investors after recent highs also contributed to the sharp correction.
Despite the decline, jewellers cautioned that gold prices may remain volatile in the coming days, urging buyers and investors to closely monitor international trends. The local bullion market is expected to adjust further in line with global movements, making the next few sessions crucial for price direction.
