The All Pakistan Sarafa Gems and Jewellers Association reported the new rate at Rs476,862 per tola for 24-karat gold.

This marks one of the significant single-day corrections in recent months as both local and international bullion markets eased.

The price of 10 grams of gold also fell by Rs13,289 to settle at Rs408,832.

In the international market gold lost $155 per ounce closing at $4,545.

Traders in Karachi Lahore Islamabad and other major cities adjusted rates quickly following the global cue.

Market sources said the drop brought immediate relief to potential buyers who had been watching prices hover near record highs.

Jewellers across the country reported increased footfall as customers rushed to make purchases amid the lower rates.

The association confirmed the rates apply uniformly across Pakistan with minor variations only in making charges.

This sharp correction comes after weeks of volatility driven by global economic signals.

Analysts pointed to a stronger US dollar and shifting investor sentiment as key factors behind the international decline.

Expectations of stable interest rates in major economies also reduced gold’s appeal as a safe-haven asset in the short term.

In Pakistan the local market closely tracks international prices adjusted for dollar-rupee parity and import costs.

The rupee remained relatively stable against the dollar helping transmit the full impact of the global drop to domestic rates.

For common citizens the reduction offers a window to buy gold for weddings festivals or investment purposes.

Many families in Punjab and Sindh traditionally purchase gold during this season and the lower prices could boost demand.

Gold has long served as a trusted hedge against inflation and currency devaluation in Pakistan.

Even after this drop prices remain elevated compared to last year underscoring the overall upward trend in bullion.

Dealers in Lahore’s Anarkali Bazaar and Karachi’s Saddar area described brisk business activity on Friday afternoon.

Some shops extended hours to accommodate the surge in inquiries.

However jewellers warned that further fluctuations could occur depending on global developments over the weekend.

The association urged buyers to verify rates from authorised sources before making large transactions.

Silver prices also followed the downward trend though the decline was less pronounced.

Exact silver figures were still being finalised by market committees in major cities.

Economists noted that gold price movements have direct implications for Pakistan’s import bill and local jewellery industry.

The country imports a substantial quantity of gold to meet domestic demand particularly ahead of the wedding season.

Lower international prices could ease pressure on foreign exchange reserves if import volumes rise.

At the same time a sustained drop might affect returns for those holding gold as an investment.

Many middle-class families view gold jewellery as both ornament and financial security.

This latest correction provides them an opportunity to add to their holdings at relatively better rates.

Market observers recalled similar sharp drops in the past that later reversed as global uncertainties returned.

They advised against panic selling and recommended evaluating personal financial needs before deciding.

Officials from the Sarafa Association stated they continue to monitor the situation closely.

They maintain regular coordination with international bullion exchanges to ensure transparent pricing.

In recent months gold prices in Pakistan had climbed steadily touching highs above Rs490,000 per tola at certain points.

The current level of Rs476,862 still reflects substantial gains over the previous year.

Experts highlighted several global factors contributing to the latest decline.

These include positive developments in US-China trade talks cooling geopolitical tensions in the Middle East and stronger performance in equity markets.

Investors shifted some funds from gold to other assets seeking higher returns.

In Pakistan domestic inflation trends and monetary policy decisions by the State Bank also influence local sentiment.

With the central bank maintaining a cautious approach on interest rates the environment remains mixed for bullion.

For the jewellery export sector lower input costs could improve competitiveness in international markets.

Pakistan exports gold jewellery and ornaments to several countries including the UAE Saudi Arabia and Europe.

Industry representatives expressed hope that the price correction would support higher export volumes in coming months.

Small-scale jewellers in rural and semi-urban areas welcomed the development saying it would stimulate local sales.

Many had seen reduced business during the high-price period.

Consumers in cities like Faisalabad Multan Peshawar and Quetta