After touching historic highs in both domestic and international markets, gold prices have sharply reversed course, posting a substantial decline.
In Pakistan, the price of one tola of gold dropped by Rs13,900, settling at Rs549,962. Likewise, the rate for 10 grams fell by Rs11,917 to Rs471,503. The price of 10 grams of 22-karat gold was recorded at Rs532,226 following the latest adjustment.
Globally, bullion rates also experienced a steep fall, with gold losing $139 per ounce to reach $5,272 per ounce. The downturn comes after consecutive record-breaking gains and highlights ongoing volatility in international and local bullion markets.
Just a day earlier, gold prices in Pakistan had surged by more than Rs13,000 per tola in response to rising international rates driven by geopolitical tensions.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of one tola had climbed by Rs13,300 to Rs563,862, while 10 grams increased by Rs11,402 to Rs483,420.
Silver prices also moved upward during the previous trading session, with one tola gaining Rs188 to close at Rs10,050.
In the global market, gold had earlier jumped by $133 per ounce to reach $5,411. Precious metals had already been on an upward trajectory at the close of the previous business week before the latest sharp correction.
