KARACHI: Gold rates in Pakistan fell sharply on Saturday, following a downturn in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs 10,600, settling at Rs 446,300, while 10-gram gold declined by Rs 9,088 to Rs 382,630.
A day earlier, on Friday, gold had surged to a record high of Rs456,900 per tola after a massive Rs14,100 increase. The recent volatility comes amid intensified geopolitical tensions, which have kept gold prices fluctuating at historic levels.
Adil Saleem, Founder and CEO of Zariah, noted in his weekly newsletter that “physical gold and silver remain in short supply worldwide”, adding that the shortage is pushing prices higher even as investor sentiment remains cautious. He said demand for gold through exchange-traded funds (ETFs) continues to grow, further reducing global metal reserves.
Saleem added that the current global climate favours precious metals, driven by limited supply, persistent inflation, and renewed geopolitical risks.
In the international market, gold prices also fell, with the rate dropping by $106 to $4,252 per ounce (including a $20 premium), according to APGJSA.
Meanwhile, silver prices declined by Rs231 per tola, bringing the new rate to Rs5,273.
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