Gold prices in Pakistan crashed on Friday, with the price of 24-karat gold falling by Rs. 7,000 per tola to settle at Rs. 424,536 in the local bullion market, deepening a two-day sell-off that has rattled jewellers and buyers alike.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association, the price of 10-gram gold also moved sharply lower, dropping by Rs. 6,001 to Rs. 363,971. Silver did not escape the slide either, with its price falling by Rs. 221 per tola to Rs. 5,865.
The local retreat followed a pullback in international gold prices, which declined by $70 to $4,020 per ounce. Pakistani gold rates closely track global benchmarks, so the international dip translated almost immediately into lower domestic quotes for 24-karat gold across sarafa markets.
The latest fall extends Thursday’s losses, when gold prices in Pakistan had already shed Rs. 3,000 per tola to close at Rs. 431,536. Over the two sessions, the precious metal has now lost roughly Rs. 10,000 per tola, marking one of the sharpest short-term corrections the local market has seen in recent months.
For ordinary buyers, the crash brings a rare window of relief. With the wedding season approaching, many families had been postponing gold purchases as rates kept climbing, and jewellers say footfall could pick up if prices stabilise around these lower levels.
Market watchers caution, however, that the direction of gold in Pakistan will continue to depend on international trends, currency movement and global investor sentiment. A rebound in world prices could quickly erase the local decline, so the coming days will determine whether this crash turns into a sustained buying opportunity or just a brief breather.
