KARACHI: Gold and silver prices witnessed a steep decline across Pakistan on Friday January 30 following a sharp fall in the global bullion market, figures released by the All Pakistan Sarafa Gems and Jewellers Association showed.
The price of 24 karat gold dropped by Rs35,500 per tola to settle at Rs537,362, marking one of the biggest single day falls seen in recent months.
Similarly, the rate of 10 grams of 24 karat gold fell by Rs30,435 to Rs460,701, while 10 grams of 22 karat gold declined by Rs27,900 to Rs422,324.
Silver prices also moved lower. The price of 24 karat silver per tola decreased by Rs1,106 to Rs11,069, while 10 grams of silver dropped by Rs949 to Rs9,489.
On the international front, gold prices slipped by $355 to $5,150 per ounce, while silver fell by $11.06 to $105.94 per ounce, according to the association.
Despite the sharp correction, analysts believe gold’s longer term prospects remain strong due to ongoing global economic uncertainty and steady demand for safe haven assets.
They pointed out that gold continues to attract investors because of its inherent value, limited availability and independence from government and central bank policies, making it a reliable shield against inflation, currency weakness and economic instability.
Analysts added that rising geopolitical risks such as conflicts, trade tensions and financial market volatility often drive investors away from riskier assets toward bullion, helping support gold prices even during challenging economic periods.
Gold has historically been viewed as a symbol of wealth and stability and has long protected investors during times of economic stress, political uncertainty and market upheaval.
In recent years, both institutional and retail investors have increasingly turned to gold as a safe refuge amid global economic and political challenges.