KARACHI: The downward trajectory of gold prices persists in both international and domestic markets.
According to the All Pakistan Sarafa Association, the price of 24-karat gold per tola fell sharply by Rs. 4,100, bringing it down to Rs. 424,836.
Similarly, the price for 10 grams of gold dropped by Rs. 4,515, settling at Rs. 364,228.
In contrast, silver experienced a modest gain in the local market, with its price per tola increasing by Rs. 25 to reach Rs. 6,349.
Meanwhile, in the international bullion market, gold prices faced a notable decline of $41, falling to $4,024 per ounce.
A Five-Year Overview of Gold Dynamics in Pakistan (2021–2026)
The recent drop in gold prices offers a temporary respite in a market that has experienced an unprecedented multi-year bull run.
Over the past five years, the price of gold in Pakistan has effectively quadrupled, moving from a stable haven asset into an aggressive hedge against historic currency depreciation and double-digit inflation.
In 2021, 24-karat gold traded at a comparatively modest benchmark of around Rs. 100,000 to Rs. 125,000 per tola.
However, as the Pakistani Rupee faced severe pressure against the US Dollar and global supply disruptions took hold, domestic gold prices decoupled from traditional patterns.
By late 2023, the precious metal breached the historic milestone of Rs. 200,000 per tola.
This upward momentum accelerated aggressively through 2024 and 2025 as central banks worldwide ramped up their gold reserves, pushing international spot prices above $2,500 and eventually toward the $4,000 per ounce threshold seen today.
By late 2025 and into 2026, local prices crossed the Rs. 400,000 per tola mark.
This explosive 300% growth over a five-year horizon fundamentally transformed Pakistan’s retail jewelry market into an investment-dominated bullion landscape.
While global commodity corrections and minor local currency stabilization occasionally trigger sharp corrections—such as the recent multithousand-rupee dips—the long-term trajectory highlights gold’s enduring role as the primary vehicle for wealth preservation amidst systemic economic volatility in Pakistan.
