Profit-taking drags gold prices down in Pakistan

Gold prices in Pakistan declined on Thursday following a global market downturn, as profit-taking weighed on international bullion rates.

According to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold rates dropped significantly across local markets.

The price of gold per tola (11.7 grams) fell by Rs3,000 to Rs304,000, while the 10-gram rate decreased by Rs2,571 to Rs260,630. Additionally, 22-karat gold declined by Rs2,359, closing at Rs238,919 per 10 grams.

The decline was in line with international gold prices, which dropped by $28 to $2,893 per ounce.

A stronger U.S. dollar and shifting investor sentiment contributed to the downturn. Meanwhile, silver prices remained stable at Rs3,369 per tola and Rs2,888 per 10 grams.

Read more: Gold rebounds in local market

Global gold markets experienced a 1% dip as investors booked profits after a three-day rally. Market attention is focused on U.S. job data and ongoing trade tensions following increased tariffs on Mexico, Canada, and China.

Despite the decline, the World Gold Council (WGC) reported record-high gold demand in 2024, with central banks purchasing over 1,000 tonnes for the third consecutive year.