Gold prices in Pakistan plunged on Thursday, tracking a steep decline in the international market, with the price of the precious metal falling by Rs9,720 per tola.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24-karat) settled at Rs432,716 per tola, while the price of 10 grams dropped by Rs8,748 to Rs369,422. Ten grams of 22-karat gold was traded at Rs338,998, down Rs7,950.
The fall in the domestic market mirrored the international trend, where the rate of the yellow metal declined by $97.20 to $4,102.80 per ounce.
Silver also lost ground, with the per-tola rate slipping by Rs40 to Rs6,889 and the 10-gram rate falling by Rs36 to Rs5,857. In the international market, silver was quoted at $64.10 per ounce, down $0.40.
Analysts attributed the slide to mounting expectations of monetary tightening by the US Federal Reserve. Markets are currently pricing in more than a 70 per cent probability of a Fed rate hike, which has dimmed the appeal of non-yielding bullion.
The latest US inflation reading of 4.2pc — the fastest pace since early 2023 — pushed gold to multi-week lows, while the easing of Middle East tensions following the Iran-Israel ceasefire has unwound the geopolitical risk premium that drove prices to record highs earlier this year.
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