Gold prices in Pakistan have seen a significant decline, falling by nearly Rs. 10,000 per tola from their record highs. According to data released by the All Pakistan Gems and Jewellers Association, the price of 24-karat gold has decreased to Rs. 232,000 per tola, down from its recent peak of Rs. 241,000.
This sharp drop comes amid fluctuations in international bullion markets, where gold prices have also been under pressure due to a stronger US dollar and expectations of higher interest rates by the Federal Reserve. Local markets often mirror global trends, and this recent correction reflects a broader movement away from precious metals as safe-haven assets.
Analysts believe that the decline may offer a buying opportunity for investors and consumers, especially those preparing for weddings or major purchases. However, they caution that prices remain volatile and are influenced by multiple factors, including currency fluctuations, global demand, and geopolitical events.
In Pakistan, the price of 22-karat gold also dropped proportionately, making it more accessible for middle-income buyers. Gold dealers have reported increased foot traffic in markets as customers rush to take advantage of the lower rates.
Despite the current dip, experts suggest that long-term trends still favor gold as a hedge against inflation and currency depreciation, particularly in developing economies like Pakistan.
Gold market Pakistan, bullion rates, jewellery prices
