Gold prices in Pakistan dropped sharply on Saturday, with 24-carat gold falling by Rs2,000 per tola to Rs452,262. The price per 10 grams also declined by Rs1,715, settling at Rs387,741, according to local market reports.
Silver prices followed a similar trend, with the cost of one tola decreasing by Rs220 to Rs6,464. The rate per 10 grams dropped by Rs189, closing at Rs5,541.
Global market influences
The local decline mirrors movements in international markets.
On Friday, silver prices fell nearly 3 percent after reaching an all-time high earlier in the session, while gold climbed to a seven-week peak. Spot silver slipped to $61.7 per ounce, down from a record $64.64.
Market analysts attributed the drop to profit-taking and a slight rise in the U.S. dollar, which has made dollar-priced metals more expensive for international buyers.
Bart Melek, global head of commodity strategy at TD Securities, said, “There’s some blowing off of steam, a slight uptick in the U.S. dollar and profit-taking putting pressure on prices.”
Despite the recent dip, silver has seen strong gains this year, surging 112 percent. The metal has been supported by tightening inventories, ongoing industrial demand, and its addition to the U.S. critical minerals list. For the week, silver prices are still up nearly 5 percent.
