KARACHI: Gold continued to lose its shine as 10-gram and one-tola rates (24 karats) plunged to Rs378,170 and Rs442,436, down Rs11,364 and Rs12,627 on Wednesday.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the world gold rate plunged by $126 per ounce to $4,200.
On Jan 29, the country recorded its highest-ever gold rates, with 10 grams priced at Rs491,135 and one tola at Rs572,862 based on the global price of $5,505 per ounce.
APSGJA President Qasim Shikarpuri was of the view that the world gold price may remain on the lower side until the US and Iran reach an agreement.
Shikarpuri said that gold buying for investment has also begun in Pakistan. Even wealthy people who purchased gold at higher prices last year are now buying it, suggesting they are hedging.
He said some jewellery buying has also emerged in the markets as rates have started to fall.
Published in Dawn, June 11th, 2026