Gold price in Pakistan drops to Rs 5 lakh per tola. Gold prices in Pakistan witnessed a massive decline on Friday after hitting record highs a day earlier. In the local market, the price of gold per tola fell by Rs. 35,500 to settle at Rs. 537,362, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold dropped by Rs. 30,435 to Rs. 460,701.
On Thursday, gold had surged to Rs. 572,862 per tola after gaining Rs. 21,200 in a single session, reflecting heightened volatility in the bullion market. In the international market, gold prices also came under pressure. With the rate declining by $355 to $5,150 per ounce, including a premium of $20. Globally, gold slid more than 4 percent on Friday amid rumors that the US Federal Reserve could get a more hawkish chair, triggering profit-taking after a strong rally.
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Despite the drop, bullion remained on track for its strongest monthly gain since 1980 as investors continued to seek safe-haven assets amid lingering geopolitical and economic uncertainties. Gold prices have climbed more than 20 percent so far in January. Marking a sixth consecutive monthly gain and the biggest monthly advance since January 1980.
Market analysts say the drop in local gold prices is mainly linked to a downward trend in international gold rates. Along with adjustments in the domestic bullion market. Fluctuations in the global economy, a stronger US dollar. And changing interest rate expectations have all contributed to the recent slide in gold prices worldwide. Which has directly impacted rates in Pakistan.
In major cities including Karachi, Lahore, and Islamabad, gold dealers reported reduced prices per tola. Sparking renewed interest among buyers who had been waiting for a correction. Jewelers believe this dip could boost demand. Especially ahead of the upcoming wedding season, as many consumers see this as a good opportunity to make purchases.