KARACHI: Gold prices saw a dramatic fall on Wednesday, retreating from record highs in what traders described as a response to a global market downturn.
The yellow metal suffered its biggest-ever single-day decline, plunging by Rs11,700 per tola and Rs10,031 per 10 grams.
This sharp drop brought domestic prices down to Rs352,000 per tola and Rs301,783 per 10 grams, respectively, according to the All Pakistan Sarafa Gems and Jewellers Association.
It was the largest-ever single trading loss, which significantly dragged down gold prices in the local market, spokesman for the association, Abdullah Razzaq said.
The international market also reflected the downward trend, with gold prices falling by $116 to settle at $3,338 per ounce. Silver was quoted at $33 per ounce globally.
Domestically, however, silver prices showed marginal gains. Rates rose by Rs16 and Rs13, pushing local prices to Rs3,457 per tola and Rs2,930 per 10 grams, respectively.
It is important to note that actual trading prices in the open market may differ from those fixed by the association.
Copyright Business Recorder, 2025
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