Gold Plunges Sharply Below Rs. 5 Lac in Pakistan After Big Gains Yesterday
Gold prices in Pakistan slumped on Thursday, erasing a chunk of yesterday’s rally and dragging the per-tola rate back under the Rs. 5 lac mark amid weakness in global bullion.
According to industry figures, the price of gold fell by Rs. 9,500 per tola to settle at Rs. 494,662. The 10-gram rate slid by Rs. 8,415, landing at Rs. 424,092.
The retreat follows a sharp upswing on Wednesday, when the per-tola price jumped by Rs. 15,700 to touch Rs. 504,162. Today’s reversal effectively unwinds much of that move, underscoring the market’s heightened volatility.
Key market levels
- Gold (per tola): Rs. 494,662, down Rs. 9,500
- Gold (10 grams): Rs. 424,092, down Rs. 8,415
- International bullion: down $95 to around $4,723 per ounce, with a noted $20 premium
- Silver (per tola): Rs. 7,884, down Rs. 300
What’s driving the slide?
Local bullion typically shadows international price action, and today’s downswing tracks a pullback in global gold. A mix of profit-taking after recent highs, shifting expectations around interest rates, and currency moves likely contributed to softer overseas prices, which filtered rapidly into domestic quotes.
Why it matters
The return below Rs. 5 lac per tola could coax some buyers back into the market after recent sticker shock, while also prompting caution among sellers who benefited from yesterday’s spike. For investors, the whipsaw between sessions highlights the current sensitivity of precious metals to macro signals and the dollar’s trajectory.
Outlook
With international bullion still dictating the tone, further direction will hinge on upcoming economic data, rate expectations, and currency trends. In the near term, choppy trading conditions are likely to persist, keeping both jewellers and retail buyers alert to rapid price adjustments.
