KARACHI – Gold prices in Pakistan witnessed a significant decline on Saturday, closing the business week on a negative note.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price dropped by Rs2,300 to settle at Rs442,162.
Similarly, the price of 10-gram plunged by Rs1,972 with new rates falling to Rs379,082.
The drop in local gold prices comes amid a decline in global market where per ounce rate dipped by $23, settling at $4,198.
A day earlier, gold had broken its three-day losing streak in domestic market of Pakistan with strong recovery on Friday.
The per tola price had surged by Rs3,000 to settle at Rs444,462. Additionally, the price of 10 grams of gold increased by Rs2,358, bringing the new rate to Rs 381,054.
Last month, the Competition Commission of Pakistan (CCP) released its maiden Competition Assessment Study of the Gold Market in Pakistan, providing the first evidence-based analysis of the sector’s structure, regulatory landscape, and competitiveness challenges. The study, conducted by CCP’s Center of Excellence in Competition Law (CECL), maps a market historically dominated by informality, fragmented oversight, and pricing opacity.
According to the report, Pakistan’s annual gold consumption ranges between 60 to 90 tonnes, driven largely by cultural demand, while over 90% of gold trading occurs outside formal channels.
The market relies almost entirely on imports, with USD 17 million worth of gold imported in FY 2023-24.
The study highlights the transformative potential of the Reko Diq copper-gold project, expected to generate up to USD 74 billion over its 37-year of useful life and significantly reshape domestic supply chains.
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