Following a continuous increase in gold rates, the country experienced an unprecedented decline in a single day on Thursday, surprising both the jewellery market and consumers.
According to the All Pakistan Gems and Jewellers Association, the price of gold has dropped by Rs 5,900 per tola, bringing it down to Rs 359,000. Similarly, the price for 10 grams of gold has decreased by Rs 5,058, now standing at Rs 377,784.
The main reason for this significant reduction in prices is a decrease of $61 in the price of gold per ounce in the international market, where it is currently trading at $3,363 per ounce.
Economists attribute this decline in global gold prices to progress in the trade agreement between the United States and China, along with a 90-day extension for negotiations, which has prompted investors to seek alternative options.
While this drop in the Pakistani market is viewed as a temporary relief, experts believe that price fluctuations may continue due to the ongoing global political and economic situation.
Read also: Gold prices may increase further as import ratio declined in Pakistan
Gold prices in the country are likely to increase further, as imports have declined due to high prices of the precious metal.
Import documents reveal that not a single kilogram of gold was imported from any country in June, and compared the May 100% decrease in gold imports recorded in June compared.
According to official documents, gold imports remained zero in June, which is a 100% decrease compared to May. In May 2025, Pakistan imported 9 kg of gold, which cost $927,000 in foreign exchange.
Documents said that the closure of imports has reduced the availability of gold in the country, due to which its prices are continuously increasing. Last year, when gold imports were stopped for 3 months, the price per tola increased by Rs 116,000.
According to the document, the price per tola of gold has increased from Rs 241,000 to Rs 357,000 in one year. A total of 391 kg of gold was imported during the fiscal year 2024-25, worth more than $38 million (approximately Rs. 8.78 billion). In contrast, gold imports in the fiscal year 2023-24 were 262 kg, an increase of 80.94% in imports in one year.
According to experts, if the import chain is not restored, gold prices in the local market may touch new heights, which is worrying for both the general consumer and the jewellery industry.
