KARACHI — Precious metal markets in Pakistan witnessed a notable downward trend as both gold and silver prices recorded significant consecutive declines, mirroring weak sentiment in international bullion markets.
According to data compiled by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the local bullion market experienced a sharp contraction, providing a measure of relief to retail buyers while sparking cautious reactions among commercial investors. Market analysts attribute the domestic correction directly to shifting global commodities values, currency fluctuations, and profit-taking by international investors.
In the domestic market, the price of 24-karat gold per tola fell by Rs800, settling at Rs437,336 following a series of adjustments earlier in the week. Concurrently, the price for 10 grams of 22-karat gold moved down to Rs343,712, recording a loss of Rs628. This follows a broader correction period that saw considerable value erased from peak monthly levels, keeping buyers alert to daily trading shifts across major commercial hubs like Karachi, Lahore, and Islamabad.
Silver prices mirrored the downward trajectory of gold within the local market. The price of one tola of silver decreased by Rs20 to close at Rs6,558, while the rate for 10 grams dropped by Rs17, settling at Rs5,622. Jewelers and industrial buyers noted that the softening silver rates align with international corrections.
Internationally, the bearish momentum was driven by global market movements, with spot gold declining by $8 per ounce to settle around $4,148. Similarly, international silver prices dipped by $0.20 per ounce, resting at $60.80. Financial experts note that fluctuations in global currency indexes and economic indicators continue to exert downward pressure on precious metals.
Local bullion dealers suggest that market activity may remain volatile in the short term as investors closely monitor international economic signals and domestic currency stability. While retail customers are utilizing the price drop to make purchases, bullion traders advise keeping a close eye on daily market trends before making large investments.
