Karachi, February 2, 2026 — Gold prices in Pakistan continued their sharp downward trajectory on Monday, recording one of the steepest short-term declines in recent history. The price of 24-karat gold fell by a further Rs21,500 per tola to settle at Rs490,362 in the domestic bullion market, alarming investors and traders alike.
According to the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold has now lost a massive 18 percent, or Rs82,500 per tola, over the last three trading sessions. The steep correction comes after gold touched a record high of Rs572,862 per tola on January 29, 2026, driven at the time by global uncertainty and strong safe-haven demand.
Similarly, the price of 24-karat gold per 10 grams declined by Rs18,433 to Rs420,406, compared with Rs438,839 in the previous session. Jewellers reported subdued buying activity as consumers adopted a wait-and-see approach amid extreme volatility.
Bullion market experts attributed the sharp fall in local gold prices primarily to weakness in international markets. They noted that easing geopolitical tensions, shifting investor sentiment, and ongoing global trade disputes have injected uncertainty into the precious metals market, triggering profit-taking at elevated price levels.
In the international market, gold prices dropped sharply by $215 per ounce, closing at $4,676 compared to the previous close of $4,896. Analysts cautioned that global gold prices may remain volatile in the near term, suggesting that domestic prices in Pakistan could continue to fluctuate in line with global trends and currency movements.