KARACHI: The prices of 10-gram and one-tola (24 karat) gold dropped by Rs7,799 and Rs9,100, respectively, reaching Rs369,223 and Rs430,662 due to a significant decline in global prices.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), based on interbank exchange rates, the world gold rates had dropped by $91 to $4,083 per ounce.

As per Reuters, gold prices fell 3pc on Friday amid a broader market selloff sparked by hawkish remarks from US Federal Reserve officials, which have dimmed hopes for a December rate cut.

All Pakistan Jewellery Manufacturers Association (APJMA) Chairman Mohammad Arshad said that wild fluctuations in domestic rates this month have created uncertainty among local investors seeking stability in rates.

On the other hand, one-tola selling well above Rs400,000 is still out of reach for many consumers, whose purchasing power has already been squeezed by rising prices of various food items and high power and gas bills.

“I think silver is going to replace gold in future as it attracts low and upper middle income groups currently instead of big investors,” he said.

Published in Dawn, November 16th, 2025