Gold Price Plunges in Pakistan After Record High Day-On-Day
Gold price drops by Rs 5,900 per tola to Rs 359,000 after hitting a record of Rs 364,900; 10g rates also tumble as global bullion cools off.
Pakistan’s gold market experienced a sharp correction, with the 24-carat price falling by Rs 5,900 per tola to settle at Rs 359,000 on Thursday, a day after setting an all-time high of Rs 364,900. The 10-gram rate also declined significantly, dropping by Rs 5,058 to Rs 307,784, while 10-gram 22-carat gold lost Rs 4,637, landing at Rs 282,145.
The downturn followed a brief spike the previous day, which saw the gold price briefly leap past the previous record of Rs 363,700. However, as global markets pulled back, international gold rates eased by $61 per ounce to approximately $3,363, and silver prices also slipped modestly.
Analysts attribute the local decline to this global cooling in bullion markets. Traders and investors took profits after the historic rally, triggering an oversold correction in the short term.
The slide offers a rare buying opportunity for investors, although experts cautioned that volatile market swings remain likely in the near term due to shifting economic indicators and investor sentiment.
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