Gold prices in Pakistan declined sharply on Thursday, reflecting a downturn in international bullion markets. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs 9,500 to Rs 494,662, while the rate for 10 grams fell by Rs 8,415 to Rs 424,092.

The decline in local prices followed a significant drop in global gold rates, which fell by $95 per ounce to around $4,723, with an additional premium applied in the international market. Silver prices also mirrored the trend, decreasing by Rs300 per tola to Rs7,884.

This downturn comes after a period of volatility in the bullion market. Just a day earlier, gold prices had surged sharply, rising by Rs15,700 per tola before reversing direction. Analysts attribute the fluctuations to changing global economic conditions, including movements in the US dollar and oil prices.

Market sentiment has also been influenced by easing geopolitical tensions, particularly following a temporary ceasefire between the United States and Iran, which reduced immediate demand for gold as a safe-haven asset.

Experts suggest that gold prices may remain volatile in the near term, as global economic indicators and geopolitical developments continue to shape investor behaviour.