Gold Prices in Pakistan Finally Drop After Non-Stop Increase

After days of relentless gains, gold prices in Pakistan finally dropped. The price of gold per tola fell by Rs. 10,600, settling at Rs. 446,300, according to data released by the All Pakistan Gems and Jewellers Association (APGJA). Similarly, the price of 10 grams of gold declined by Rs. 9,088, bringing it down to Rs. 382,630. In the international market, gold prices also witnessed a sharp correction, dropping by $106 to $4,252 per ounce. The fall comes after an extraordinary rally earlier this week, when the price per tola surged by more than Rs. 14,000 in a single day, and by Rs. 1,900 just two days prior. The decline marks the first major pullback after weeks of record-breaking highs in the local bullion market. The drop in prices can be related to a dip in global gold prices and signs of stabilizing currency movement in Pakistan. Over the past several weeks, the yellow metal had climbed to historic highs above Rs. 456,000 per tola, tracking global demand for safe-haven assets and a weaker rupee.