After weeks of record-breaking highs, gold prices in Pakistan have finally taken a major dip, marking the steepest single-day decline of the year.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola dropped sharply by Rs10,600, settling at Rs446,300 in the local market.

The downward trend continued across all categories as 10 grams of 24-karat gold were sold for Rs382,630, reflecting a decrease of Rs9,088, while 10 grams of 22-karat gold fell to Rs350,756, showing a loss of Rs8,331.

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The price drop wasn’t limited to Pakistan alone — global markets also witnessed a notable decline. In the international market, gold prices slipped by $106, landing at $4,252 per ounce. Analysts attribute this sudden fall to the appreciation of the US dollar and changing interest rate expectations, which have shifted investor focus towards other safe-haven assets.

Silver prices in Pakistan also couldn’t escape the slide. The rate of 24-karat silver per tola dipped by Rs231, reaching Rs5,273, while 10 grams of silver were being sold at Rs4,520.