Gold prices in Pakistan’s local bullion markets have plunged sharply in the past two days, marking one of the most significant short-term corrections after months of record-high rates. Analysts say the drop amounting to an unusually large movement over just 48 hours reflects a global market correction that eased international gold prices and fed through to domestic rates, creating temporary relief for buyers but uncertainty for investors.
Traders in major markets such as Karachi, Lahore and Islamabad reported that prices for 24-karat gold per tola and per 10 grams have been adjusted downward sharply as supply and demand dynamics realign with global bullion trends. The volatility has been attributed to factors including a stronger US dollar, reduced safe-haven demand and profit-taking after extended price rises earlier in the year.
The drop reported as a significant decrease compared with the previous high levels has sparked mixed reactions: potential buyers welcomed lower prices, while traders and short-term investors remain cautious amid uncertain market momentum. Some experts suggest that while this sharp decline may be temporary, it offers an opportunity for buyers considering wedding purchases or long-term holdings to enter the market at more attractive rates.