KARACHI: Domestic gold prices witnessed a sharp decline today, aligning with a downward trend in the global bullion market.
According to the All-Pakistan Gems and Jewelers Sarafa Association, the price of 24-karat gold fell by Rs. 3,800 per tola, bringing the new rate to Rs. 429,736.
Similarly, the price for 10 grams of gold decreased by Rs. 3,258 to settle at Rs. 368,429. On the global stage, spot gold shed $38 to trade at $4,073 per ounce.
Past Three Months Market Context
The latest drop reflects ongoing volatility in both international and domestic markets over the past three months.
In late April and early May, domestic gold prices hovered at higher levels, driven by escalating geopolitical tensions in the Middle East and safe-haven buying.
By early June, the precious metal experienced a notable surge, with prices per tola climbing significantly to touch around Rs. 476,362, tracking global spot gold highs near $4,533 per ounce.
However, as the summer progressed through June and into July, the market began experiencing a corrective phase.
Evolving expectations surrounding the U.S. Federal Reserve’s monetary policy and high oil prices put downward pressure on global gold, causing it to descend from its peaks back toward the $4,000 per ounce threshold.
In Pakistan, where domestic rates closely track international prices and local currency shifts against the U.S. dollar, the local market mirrored this international cooling period.
Over the last 30 days alone, the price per tola dropped by roughly Rs. 14,600, leading to today’s stabilization in the Rs. 429,000 range.
Despite these short-term dips, the overall quarterly trajectory shows that gold remains a highly sought-after, premium asset class amidst broader macroeconomic adjustments.
