Karachi, January 31, 2026 – Gold prices in Pakistan continued their sharp downward trend on Saturday, registering the second biggest single-day fall within just two days, as the price of 24-karat gold plunged by Rs25,500 per tola to settle at Rs511,862 in the domestic bullion market.
The latest decline comes a day after gold recorded its steepest-ever single-day drop of Rs35,500 per tola, reflecting extreme volatility in local prices. According to the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold has now lost a total of Rs61,000 per tola, or around 11 percent, since reaching an all-time high of Rs572,862 on January 29, 2026.
On a gram basis, the price of 24-karat gold per 10 grams also dropped sharply by Rs21,862, falling to Rs438,839 from Rs460,701 in the previous trading session. The sustained decline has raised concerns among investors and traders, many of whom had recently entered the market at record-high levels.
Bullion market experts attributed the steep fall in gold prices to major administrative and policy-related changes at the US Federal Reserve, which triggered a sell-off in global precious metals markets. In addition, ongoing geopolitical tensions, shifting interest rate expectations, and unresolved international trade disputes have contributed to heightened uncertainty, keeping gold prices under pressure.
In the international market, gold prices fell by $255 per ounce, closing at $4,895 compared to $5,150 a day earlier. The sharp drop in global prices directly impacted local rates, as Pakistan’s bullion market closely tracks international trends along with exchange rate movements.