Bullion falls sharply from record highs as international gold prices slide below $4,000 per ounce
KARACHI: Gold prices in Pakistan extended their losing streak on Wednesday, with the price of 24-karat gold declining by a cumulative Rs23,000 per tola over the past week as international bullion markets remained under sustained selling pressure.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold fell to Rs419,636 per tola, down from Rs442,636 recorded on June 22, 2026. During the intervening period, local bullion markets remained closed on account of weekly and Eid holidays.
On a day-to-day basis, gold prices dropped by Rs5,200 per tola, reflecting continued weakness in both domestic and international bullion markets.
The latest decline comes just days after gold reached an all-time high of Rs572,862 per tola on June 29, 2026, highlighting the sharp correction witnessed over a short period.
Meanwhile, the price of 24-karat gold per 10 grams also fell by Rs4,458, settling at Rs359,770, compared with the previous day’s closing price of Rs364,228.
In the international market, gold prices dropped by $52 per ounce to $3,972, down from $4,024 in the previous session, slipping below the key $4,000 threshold.
Bullion market experts attributed the sharp decline to changing investor sentiment in global markets, easing geopolitical concerns in the Middle East and expectations of lower inflationary pressures. The correction has encouraged investors to shift towards other asset classes, resulting in heavy selling across precious metals.
Analysts said future price movements will largely depend on upcoming global economic data, central bank policy signals and developments in international financial markets. Any changes in interest rate expectations or renewed geopolitical uncertainty could influence the direction of gold prices in the coming weeks.
The recent correction is expected to provide some relief to jewellery buyers, while investors who purchased gold near record highs may continue to face short-term valuation losses if the downward trend persists.