Gold prices fall in Pakistan after volatile swings in global market

KARACHI: Gold prices in Pakistan fell sharply on Thursday after a day of gains, with the per tola rate dropping by Rs9,500 to Rs494,662, according to local market data.

The price of 10 grams of gold also declined by Rs8,145, bringing it down to Rs424,092, reflecting a significant correction in domestic bullion rates.

The decline comes after a sharp increase on Wednesday, when gold prices surged above the Rs500,000 per tola mark, driven by volatility in global markets.

In the international market, gold prices fell by $95 per ounce, taking the rate to $4,723, traders said.

Market analysts said fluctuations in global bullion prices, coupled with changes in the value of the Pakistani rupee, were key factors influencing local gold rates.

Gold, often considered a safe-haven asset during times of economic uncertainty, has seen elevated volatility in recent weeks amid shifting global financial conditions and geopolitical tensions.

The latest decline offers some respite to local buyers after a steep rise earlier in the week, though traders warn that prices remain sensitive to movements in international markets and currency trends.