KARACHI: The continuous bullish trend in global and local gold markets has broken.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola decreased by 3,500 rupees today, bringing the price per tola down to 460,436 rupees, while the price of 10 grams of gold fell by 3,001 rupees to 394,749 rupees.
Over the past seven days, the price of gold per tola had surged by 36,000 rupees. Meanwhile, the price of silver per tola decreased by 175 rupees to 6,936 rupees.
On the international front, the price of gold per ounce dropped by 35 dollars, settling at 4,380 dollars.
Over the past two months, global and local gold markets have experienced remarkable volatility, characterized by sharp rallies followed by sudden corrections.
Moving through June and July into August 2026, precious metal prices have swung heavily in response to shifting macroeconomic indicators, fluctuating US inflation data, and evolving monetary policies from the Federal Reserve.
Domestically in Pakistan, these global shifts compounded by local currency dynamics drove monumental surges. Local gold rates climbed aggressively, with per-tola prices scaling historic heights near the domestic threshold of upwards of 450,000 to 480,000 rupees, fueled by weeks where single-week jumps added tens of thousands of rupees. However, this relentless upward trajectory faced temporary interruptions as international spot prices drifted or encountered profit-taking corrections.
On the global front, gold bounced resiliently, frequently testing and crossing the key threshold of $4,400 per troy ounce.
Market sentiment during this bi-monthly window remained heavily tied to central bank purchasing trends—particularly persistent reserve accumulation in nations like China—alongside safe-haven demand prompted by lingering geopolitical tensions in the Middle East.
While occasional daily dips, such as mid-week per-tola corrections of a few thousand rupees, punctured the bullish momentum, the overarching two-month pattern underscores gold’s dominant position.
Investors continue to lean heavily on bullion as a primary hedge against persistent inflation and currency erosion, ensuring that any market retreats are typically short-lived before fresh upward pressure resumes.
