Karachi, January 30, 2026 — After an unprecedented bull run that pushed bullion to record-breaking highs, Pakistan’s gold market witnessed a dramatic reversal on Friday as prices nosedived in the largest single-day crash ever recorded. Gold prices fell sharply by a staggering Rs35,500 per tola, sending shockwaves across local bullion markets and leaving investors stunned.
According to the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of 24-karat gold per tola plunged to Rs537,362, tumbling from its all-time peak of Rs572,862 reached just a day earlier. This historic correction wiped out a significant portion of recent gains and marked a turning point after weeks of relentless upward momentum.
Similarly, the price of 24-karat gold per 10 grams suffered a massive decline of Rs30,435, closing at Rs460,701 compared to the previous day’s Rs491,136 in domestic markets. Jewelers reported panic selling and subdued buying activity as uncertainty gripped the market.
Bullion market analysts attributed the sharp plunge to a steep fall in international gold prices, coupled with a relatively stable US dollar in global currency markets. Ongoing geopolitical uncertainty also played a key role in triggering profit-taking after the historic rally.
In the international market, gold prices crashed by $355 per ounce, settling at $5,150 compared to the previous close of $5,505. Despite the brutal sell-off, analysts remain cautiously optimistic, suggesting the correction may be temporary as long-term demand and future market sentiment remain strong.